Arriyadh Development Co announced that its subsidiary Tanal Real Estate Development and Investment Ltd has secured credit facilities worth SAR 800 million from a Saudi bank.
The three-year loan will be used to reimburse the liabilities of Riyadh Real Estate Development Fund I (REDF I), which is being currently closed, Arriyadh Development added in a statement to the Saudi Stock Exchange (Tadawul).
The credit facilities will be also used to complete infrastructure works of Thumama land plot, which has been completed by over 95%.
Tanal’s facilities will be 69.83% guaranteed by Arriyadh Development Co’s share in the land plot via signing a promissory note and guarantee of fine and performance.
On Monday, Arriyadh Development said it established a new firm, Tanal for Real Estate Development and Investment in collaboration with Sumou Holding Company with SAR 100,000 in capital.