First Avenue financing is to support expansion plans in real estate projects
First Avenue for Real Estate Development Co. signed a SAR 100 million Shariah-compliant banking facility agreement with Saudi Awwal Bank (SAB). 
The financing has a tenor of four years, First Avenue said in a statement to Tadawul.
The company provided promissory notes equivalent to the facility amount, pledged the land or project being financed in favor of the bank, and assigned the proceeds of the financed project as security for the financing.
The financing aims to support the company’s expansion plans in real estate projects and strengthen its financing structure.
First Avenue financing is to support expansion plans in real estate projects
First Avenue for Real Estate Development Co. signed a SAR 100 million Shariah-compliant banking facility agreement with Saudi Awwal Bank (SAB).
The financing has a tenor of four years, First Avenue said in a statement to Tadawul.
The company provided promissory notes equivalent to the facility amount, pledged the land or project being financed in favor of the bank, and assigned the proceeds of the financed project as security for the financing.
The financing aims to support the company’s expansion plans in real estate projects and strengthen its financing structure.
