Logo ofAlramz Real Estate Co.
Alramz Real Estate Co. said it obtained Shariah-compliant credit facilities worth SAR 500 million from Al Rajhi Bank. 
The loan is divided into two tranches: Facility A valued at SAR 450 million with a five-year tenor, and Facility B valued at SAR 50 million with a three-month tenor, Alramz said in a statement to Tadawul.
Guarantees provided for Facility A include a mortgage in favor of the bank with a coverage ratio of 150%, an assignment of proceeds from the sale of the financed projects in favor of the bank, and the opening of an escrow account for each financed project.
The guarantees also include a SAR 531.18 million promissory note payable on demand, in addition to Shariah-compliant takaful insurance covering the mortgaged assets.
The facilities aim to finance the acquisition and development of real estate properties, supporting the company’s expansion plans for its real estate projects, in addition to financing its general working capital requirements.
The company noted that the agreement, dated Aug. 3, entered into force on Sept. 10. There are no related parties to the deal.
Logo ofAlramz Real Estate Co.
Alramz Real Estate Co. said it obtained Shariah-compliant credit facilities worth SAR 500 million from Al Rajhi Bank.
The loan is divided into two tranches: Facility A valued at SAR 450 million with a five-year tenor, and Facility B valued at SAR 50 million with a three-month tenor, Alramz said in a statement to Tadawul.
Guarantees provided for Facility A include a mortgage in favor of the bank with a coverage ratio of 150%, an assignment of proceeds from the sale of the financed projects in favor of the bank, and the opening of an escrow account for each financed project.
The guarantees also include a SAR 531.18 million promissory note payable on demand, in addition to Shariah-compliant takaful insurance covering the mortgaged assets.
The facilities aim to finance the acquisition and development of real estate properties, supporting the company’s expansion plans for its real estate projects, in addition to financing its general working capital requirements.
The company noted that the agreement, dated Aug. 3, entered into force on Sept. 10. There are no related parties to the deal.
