Retal’s affiliate signs SAR 150 mln Tawarruq deal with Tourism Development Fund

Logo of Retal Urban Development Co.

Retal Urban Development Co. announced that Rimal AlKhobar Real Estate Company Ltd., an affiliate firm in which Retal holds a 50% stake, signed on Oct. 5 a facilities agreement (Tawarruq) with the Tourism Development Fund. 

In a statement to Tadawul, Retal said the limit of the facilities is SAR 150 million and the financing period is 15 years.

Promissory note and corporate guarantee were provided against the financing, the statement noted, adding that the funding is to finance Nobu hotel, residence apartments and restaurant in Al Khobar.