Saudi Arabia’s Jabal Omar has signed a $2.13 billion (8 billion riyal) Islamic loan to help fund a project in Makkah and repay a smaller bridge loan, the real estate developer said on Thursday.
The company signed the 12-year loan with local lenders Saudi British Bank and Samba Financial Group, it said in a statement to Riyadh’s bourse.
Jabal Omar will use the money to repay a $533 million (2 billion riyal) bridge loan and also fund building some phases of a project in Makkah.
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