Fiu United Real Estate Development Company Announces Obtaining Sharia-Compliant Banking Facilities from Bank Albilad
| Element List | Explanation |
|---|---|
| Introduction | View United Real Estate Development Company Announces the Signing of a Sharia-Compliant Banking Facilities Agreement with Bank Albilad to Finance 80% of the Land Purchase Cost in Al-Nargis District, North of Riyadh, in Order to Implement its Strategic Plan to Increase the Company's Real Estate Development Projects. |
| Date of obtaining the funding | 2024-02-07 Corresponding to 1445-07-26 |
| Financing entity | Bank Albilad |
| Financing amount. | 33170000 |
| Financing duration. | 36 Months |
| Guarantees offered for the financing | "1- Mortgage of the financed property in favor of Bank Albilad with a coverage ratio of not less than 125% of the total facilities
2- Promissory note issued by the company for the value of the facilities in favor of the bank 3- Guarantee of both the Chairman of the Board of Directors, Mr. Ahmed Al-Harbi, and the Vice Chairman of the Board of Directors, Mr. Mohammed Al-Dawood, as a joint and several guarantee for all facilities" |
| Financing objective | Financing 80% of the land purchase cost in Al-Nargis district |
| Related Parties | There are no related parties to the agreement |
| Additional Information | "A signed copy was received from the bank on 12/02/2024. |
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