Jabal Omar completes Islamic financing

25 Sep 2012

Saudi Arabian urban developer Jabal Omar Development Co has obtained final approval from its lenders’ Shariah boards to sign a SR5bn ($1.33bn) Islamic financing.

The lenders are Al-Rajhi Capital, Bank Al-Bilad, Bank Al-Jazira, National Commercial Bank, Saudi Arab British Bank and Saudi Hollandi Bank. Al-Rajhi acted as financial adviser.

The loan has a 12 year maturity, with a grace period of four years.

Some of the proceeds will repay a SR1.35bn ($360m) ...

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