Bank AlJazira Provides Saudi Developer Alakaria with USD 106.6 Million Loan

Bank AlJazira (BAJ) has provided the Saudi Real Estate Co (Alakaria) a SAR 400 million (USD 106.6 million) shariah-compliant bridge loan for a land purchase in eastern Riyadh, Saudi Arabia.

Why it Matters?

Alakaria aims to contribute, through its activities, to realising the strategy of the city of Riyadh in raising the city’s population to between 15 and 20 million over the next decade, as well as invest in other major cities in the country. The company had stated earlier that it planned to buy land in the East of Riyadh valued at SAR 727.09 million (USD 193.86 Million). The loan is expected to cover a portion of this purchase, while the rest of the amount is anticipated to come from the developer’s resources.

Details

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