Jabal Omar Development Company, one of Saudi Arabia’s largest-listed property developers, has secured 1.6 billion riyals ($427 million) in loans from Banque Saudi Fransi backed by a Finance Ministry guarantee, it said in a bourse filing.
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| FILE PHOTO: A general view picture shows the Kaaba as Muslim pilgrims keep social distance while performing their final Tawaf, marking the end of Haj pilgrimage amid the coronavirus disease (COVID-19) pandemic, in the holy city of Mecca, Saudi Arabia August 2, 2020. Sultan Al-Masoudi/Handout via REUTERS. |
The company, which posted five consecutive quarterly losses to the end of September 2020, operates the Jabal Omar complex of hotels and residential and commercial property within walking distance of the Grand Mosque in the Muslim holy city of Mecca.
The 15-year credit facilities, signed on March 8, will be used to complete work on the third phase of the Jabal Omar project, which includes four towers with 2,160 rooms and a total commercial area of 26,435 square metres.
It said the guarantee was issued “after agreeing on a number of representations and warranties” with the ministry.
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