Jabal Omar secures SAR 2 bln loan for Makkah development

18/05/2015 Argaam

Jabal Omar Development Co. said that it has inked on Sunday a SAR 2 billion Islamic bridge financing deal with the Saudi British Bank (SABB) and Samba Financial Group.

 

The funds will be used to complete the implementation of phases S3 and S4 at its Makkah development project, the developer said in a statement to Tadawul.

 

The loan duration is three years starting from the date that the deal was signed.

 

Jabal Omar added that the loan will have an overall positive impact on its investors.

 

Jabal Omar Development - Phase 2

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