Riyadh-Mubasher: Al Hammadi Company for Development and Investment said it signed on Jan. 19 a long-term financing agreement worth SAR 27.5 million with the Ministry of Finance.

The financing period extends from Jan. 19, 2015 until Jan. 20, 2039.

The company said in a filing posted on the Saudi bourse’s website that the loan will be used in financing the construction of a residential complex at the Swedish Hospital project which was completed on September 28, 2014.

The loan will be repaid in 20 equal annual installments after a grace period of five years.

Al Hammadi’s long-term loans reach SAR 666.7 million as on Sept. 30, 2014, according to the latest financial statements released by the company.

Photo Credit: Arabianeye-Reuters