View inks SAR 17.83M credit facility agreement with Al Rajhi Bank

Logo of View United Real Estate Development Co.

View United Real Estate Development Co. signed a Shariah-compliant credit facility agreement with Al Rajhi Bank at SAR 17.83 million, according to a statement to Tadawul.

The 24-month credit facility term will be utilized to finance 66% of the cost of land purchased in Al-Nargis district, Riyadh, aligning with the company’s strategic plan to boost its real estate development projects.

The financing facility was guaranteed by a mortgage of the property subject to financing in favor of Al Rajhi Bank until the credit facility is fully repaid; a promissory note issued by the company for the value of the facilities in favor of the bank; and a guarantee by Chairman Ahmed Al Harbi and Vice-Chairman Mohammed Al Dawood.

The agreement included no related parties.

The company announced in February signing an agreement to mortgage and purchase a land plot spanning 8,970 square meters in Al-Nargis district for SAR 40.37 million, excluding the real estate transactions tax, data compiled with Argaam showed.