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)