Saudi developer Jabal Omar Development Co. has gained a credit facility counting to 1.6 billion riyals ($427 million) from Banque Saudi Fransi, which was provided a guarantee by the kingdom’s ministry of finance.
The guarantee was provided after the company agreed to a number of portrayals and warranties to the ministry, as well as updating the home loan enlisted already to incorporate the assurance amount, the designer said in recording on Saudi stock trade Wednesday.
The credit facility has a time period of 15 years from the date of agreeing to the agreement, March 8.
Jabal Omar is one of the largest ranked companies in the kingdom and is the developer behind the Makkah Grand Mosque project.
The organization said assets will be utilized to finish the leftover work of stage 3 of the Jabal Omar project, which comprises four-tower with 2,160 rooms and a complete business zone of 26,435 square meters and 621 parking spots.