| Element List | Explanation |
|---|---|
| Introduction | Banan Real Estate Company announces that its subsidiary, Qimam Noshoz for realestate Development Company, has signed a credit facility agreement with Riyad Bank, in compliance with Sharia regulations. |
| Date of obtaining the funding | 2026-06-01 Corresponding to 1447-12-15 |
| Financing entity | Riyad Bank |
| Financing amount. | 84 Million Saudi Riyals |
| Financing duration. | - 49 million for 7 years. - 35 million for 8 years. |
| Guarantees offered for the financing | Promissory note in addition to the continued mortgage |
| Financing objective | It will be used to fund the construction works for the Al Rahmaniyah gem and Al Wadi District gem projects, which are leased to Armah Sports Company, in addition to the hotel project in Al Wadi District. |
| Related Parties | None |
Banan Real Estate Company announces that its subsidiary, Qimam Noshoz Real Estate Development Company, has obtained Sharia-compliant credit facilities.
AI Summary
- Banan Real Estate Company’s subsidiary, Qimam Noshoz Real Estate Development Company, signed a Sharia-compliant credit facility agreement with Riyad Bank for SAR 84 million.
- The financing consists of SAR 49 million for a seven-year term and SAR 35 million for an eight-year term, secured by a promissory note and a mortgage.
- The facilities will fund construction for the Al Rahmaniyah gem and Al Wadi District gem projects, both leased to Armah Sports Company, and a hotel project in Al Wadi District.
