Ataa Educational’s unit inks SAR 100m Murabaha financing with Emirates NBD
- Date: 23-Mar-2022
- Source: Mubasher
- Sector:Education
- Country:Middle East
Ataa Educational’s unit inks SAR 100m Murabaha financing with Emirates NBD
Riyadh – Mubasher: Arabian Education and Training Group Holding Company, a subsidiary of Ataa Educational Company, has inked a Sharia-compliant Murabaha financing agreement worth SAR 100 million with Emirates NBD.
The subsidiary will use the Murabaha amount to reschedule loans secured from Saudi banks, according to a bourse filing on Wednesday.
The existing loans with the Saudi banks are due in 2022, while the maturity of the new Murabaha financing is in 2029 through semi-annual instalments.
Last December, Ataa Educational signed an agreement allowing its subsidiary Arabian education to wholly acquire Naba'a Educational Company by issuing new shares.