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Arriyadh Dev. buys land for SAR 846.7m

Arriyadh Dev. buys land for SAR 846.7m
ARDCO
4150
-0.30% 19.94 -0.06
Default Company
1150.O
0.00% 0.00 0.00
Arriyadh Development Co. said the board approved to buy 85% of raw land spreading over 3 million sq m in North East of Riyadh, at a total value of SAR 846.7 million, according to Tadawul website.
The company indicated that the deal is 35% financed from an Islamic loan and the remaining is funded from its cash sources.
The board gave the go-ahead for signing a long-term financing agreement with Alinma Bank at a total value of SAR 450 million. The loan has a maturity period of five years.
Photo Credit: Arabianeye-Reuters