Riyadh – Mubasher: Jabal Omar Development Company inked a SAR 1.90 billion facility deal with Al Rajhi Bank on 25 January 2024, according to a recent bourse disclosure.

The financing was guaranteed by security over certain real estate assets within the Jabal Omar project in favor of the Ministry of Finance.

Meanwhile, the company will offer several representations and warranties to the ministry.

Jabal Omar secured the loan for two years to accelerate the completion of the phases of under-construction assets and paying financial obligations.

 In the first nine months (9M) of 2023, the listed firm turned profitable at SAR 237.55 million, against net losses valued at SAR 157.98 million in 9M-22.

Al Rajhi Bank recorded 2.31% year-on-year (YoY) lower net profits at SAR 12.45 billion in 9M-23, versus SAR 12.74 billion.