Alhokair Saudi mall developer secures $1.9 bln Islamic loan | Reuters:
"Fawaz Abdulaziz Alhokair said one of its businesses had secured a 7.2 billion riyal ($1.9 billion) Islamic loan, one of the first such facilities for a firm owned by an individual detained in Saudi Arabia’s recent anti-corruption drive. The two-tranche financing for Arabian Centres Company will be used to refinance existing debt and to build new malls, Fawaz Abdulaziz Alhokair said in a statement on Tuesday, confirming what banking sources had earlier told Reuters. Fawaz Alhokair was one of hundreds of business people and officials detained for several months in a sweeping anti-graft crackdown by Riyadh in November last year. "
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