Saudi Arabia's Jabal Omar Development Co has signed a 5 billion riyals ($1.3 billion) loan agreement with a group of local banks to refinance an upcoming bridge loan maturity and fund the development of hotels and shops in Mecca.
The loan runs for 12 years, with a four-year grace period on repayments, the developer said in a filing to the Saudi stock exchange on Monday.
The cash will refinance a 1.35 billion riyals bridge loan, the statement added, and be used to fund the company's commercial development project in Mecca.
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