Jabal Omar secures SAR 5bn credit with 6 local banks

25/09/2012 Tadawul

Jabal Omar Development Company announced today on Tadawul signing a SAR 5bn credit agreement with 6 local banks (NCB, Al Rajhi, Al Jazeera, SABB, Saudi-Hollandi bank and AlBilad Bank).

The credit has a term of 12 years after a grace period of 4 years and covered by 89,825m2 of Jabal Omar project’s land.

The proceeds of this loan is to be used in the repayment of the SAR 1.35bn bridge loan and to cover the remaining construction work of phase1 in Jabal Omar project. 

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