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Dur, BSF ink Islamic Tawarruq worth SAR 48m

Dur, BSF ink Islamic Tawarruq worth SAR 48m
The facility is secured by a promissory note from the company
DUR
4010
15.19% 27.00 3.56

Riyadh – Mubasher: Dur Hospitality has signed an Islamic credit facilities agreement (Tawarruq) with Banque Saudi Fransi (BSF) at a value of SAR 48 million ($12.88 million).

The purpose of the facility is to cover a part of the costs of an under construction hotel in Jubail Industrial City, according to a bourse filing.

The duration of the agreement extends from 13 June 2017 to 30 June 2018.

The facility is secured by a promissory note from the company.