Saudi Real Estate Co. (Al Akaria) said the board, in a meeting held on Oct. 28, approved signing a long-term financing contract with the National Commercial Bank (NCB) at a total value of SAR 2.2 billion.
The financing period extends from Oct. 28, 2014 until Oct. 28, 2018.
The loan will be used in buying a 7.1 million sq m raw land in the North of Riyadh at a total value of SAR 2.13 billion.