01 August 2020

Najran Cement repays loan

Najran Cement Company has paid the remaining amount of SR45 million ($12.2 million) in an existing loan from Banque Saudi Fransi (BSF) to finance the company’s waste heat recovery (WHR) project.

The credit facility was supposed to be completed in three instalments with the first one due on December 31 followed by March 31 and June 30 in 2021, stated Najran in its filing to the Saudi bourse.

The full pre-settlement process was executed on June 30 using Najran’s own resources. Thus, the company has finished paying the entire loan amount.

With this move, the Saudi cement firm has completed the last step of organising its balance sheet, said the statement.

Presently, Najran has only one loan of SR355 million, which will be paid in easy instalments over a period of five years, it added.

Najran Cement offers ordinary Portland cement (OPC) and sulphate-resistant cement (SRC).

 

Criteria set for realty developers

Saudi Arabia’s Housing Ministry said its Real Estate Development Agency has issued a manual of criteria for evaluating capabilities of real estate developers, including financial, technical, organisational, marketing and legal aspects, according to a report.

The manual aims at raising the potentials of the developers and promoting the real estate development sector, reported state news agency SPA.

It also contributes to providing an attractive competitive environment for the real estate sector, as well as helping to reduce projects’ risks, by ensuring developers’ abilities to implement and accomplish them.

 

SPGA approval must for rental

Saudi State Properties General Authority (SPGA) has directed all government agencies to co-ordinate with the authority and obtain its approval before they rent any property whose annual rent exceeds more than SR200,000 ($53,252).

Stressing upon the need to adhere to the state’s rental of the property and its evacuation regulation, SPGA Governor Ihsan Bafakih reiterated that no government agency could rent such properties except under urgent circumstances.

Bafakih confirmed that the authority was working hard to provide smart real estate solutions and implement energy efficiency standards.  

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• $5bn green hydrogen plant planned in Neom
• SWCC desal plant operational in record time
• $20bn Diriyah Gate breaks ground
• Key phase of airport expansion completed
• Arabtec unit wins Saudi Aramco refinery storage tank work
• SWPC issues RFP for two key sewage plants
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• In brief

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