Saudi Real Estate Company (Alakaria) has announced that it has signed an agreement with AlJazira Bank to secure sharia-compliant bridge financing facilities worth SR400 million ($109 million) towards the purchase of a key plot of land in AlMarjan region of the kingdom.

 

The plot, located in Al Qadisiyah District/AlMarjan, is worth a total SR728 (excluding the real estate transaction tax and broker's commission). 

 

The banking facilities will be used to finance a part of the land's purchase, said Alakaria in its filing to the Saudi bourse Tadawul.

    

The guarantees offered for the financing include a promissory note with an amount of SR400 million and a pledge of the financed real-estate in favour of Al Jazira.

 

An amount of SR383 million was withdrawn from the above financing value to pay part of the land plot.-TradeArabia News Service