Riyadh - Mubasher: Saudi Arabian contractor Abdullah Abdul Mohsin al-Khodari and Sons CEO, Fawaz al-Khodari praised the board of directors move towards temporizing the decision of raising the company’s capital amid the slowdown of the real estate projects in 2016.

“The increase in the Saudi Interbank Offered Rate (SIBOR) during the last two years had negatively influenced the cost of financing the projects,” added al-Khodari on the sideline of an interview with al Arabiya.

Earlier, al-Khodari signed an agreement to renew an existing Islamic Facilities Agreement with Riyad Bank worth SAR 276.05 million.