Alandalus Property secures $38m in key SAB funding
RIYADH, August 31, 2023
Alandalus Property Company said it has secured a long-term, shariah-compliant Tawarruq bank facility at SAR143.1 million ($38 million) from Saudi Awwal Bank (SAB).
The seven-year financing facility will be guaranteed by a promissory note and mortgage of the property, said Alandalus Property in its filing to the Saudi bourse Tadawul.
These funds will be directed to financing new projects and expansionary investments, it added.
A Saudi Arabia-based company, Alandalus is primarily engaged in the real estate investment and development, which includes construction of centres, commercial and residential complexes in addition to contracting of residential, commercial buildings, educational, recreational, health institutions, roads, dams, water and sewage projects.
It is also engaged in leasing rental units of investment properties such as malls, hotels and towers.-TradeArabia News Service
