| Element List | Explanation |
|---|---|
| Introduction | Jabal Omar Development Company announces the signing of SR 1.9 billion facility agreement with Al Rajhi Bank. |
| Date of obtaining the funding | 2024-01-25 Corresponding to 1445-07-13 |
| Financing entity | Al Rajhi Bank. |
| Financing amount. | SR 1.900.000.000 |
| Financing duration. | 2 years |
| Guarantees offered for the financing | Security over certain real estate assets within the Jabal Omar ProjectMinistry of Finance guarantee by agreeing on a number of representations and warranties to MOF, and mortgaging lands in favor of the MOF. |
| Financing objective | Accelarating the completion of the phases of under construction assets and paying financiahl obligations. |
| Related Parties | None |
| Additional Information | It is worth noting that there is an indirect interest for Mr. Abdulaziz Al-Rajhi, as he is a relative of the Chairman of the Board of Directors of Al-Rajhi Bank, and Mr. Thalib Al-Shamrani - as he is one of the senior executives in the Ministry of Finance. Accordingly, the transaction will be presented to the next General Assembly for authorization. |
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