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Saudi Hotels signs SR308m deal with Riyad Bank

Updated 27 August 2013

Jeddah: Arab News

August 28, 2013 22:44

Saudi Hotels signs SR308m deal with Riyad Bank

Updated 27 August 2013

Jeddah: Arab News

August 28, 2013 22:44

Saudi Hotels & Resort Areas Co. signed a murabaha agreement with Riyad Bank on Monday for a loan of SR308 million, according to Tadawul website.
The purpose of the loan is to meet the cost of hotel, which the company plans to construct in Diplomatic Quarter in the capital. The loan is guaranteed by a promissory note.
The duration of the facility is 10 years, including 3 years as a withdrawal and grace period starting form the date of the first amount of withdrawal.