Fiu United Real Estate Development Company Announces Obtaining Sharia-Compliant Banking Facilities from Bank Albilad

Fiu United Real Estate Development Company Announces Obtaining Sharia-Compliant Banking Facilities from Bank Albilad

13 February 2024 03:52 PM

VIEW

9591

0.51%

78.40

0.40

Element List

Explanation

Introduction

View United Real Estate Development Company Announces the Signing of a Sharia-Compliant Banking Facilities Agreement with Bank Albilad to Finance 80% of the Land Purchase Cost in Al-Nargis District, North of Riyadh, in Order to Implement its Strategic Plan to Increase the Company's Real Estate Development Projects.

Date of obtaining the funding

2024-02-07 Corresponding to 1445-07-26

Financing entity

Bank Albilad

Financing amount.

33170000

Financing duration.

36 Months

Guarantees offered for the financing

"1- Mortgage of the financed property in favor of Bank Albilad with a coverage ratio of not less than 125% of the total facilities 2- Promissory note issued by the company for the value of the facilities in favor of the bank 3- Guarantee of both the Chairman of the Board of Directors, Mr. Ahmed Al-Harbi, and the Vice Chairman of the Board of Directors, Mr. Mohammed Al-Dawood, as a joint and several guarantee for all facilities"

Financing objective

Financing 80% of the land purchase cost in Al-Nargis district

Related Parties

There are no related parties