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Sulaiman Al Habib’s unit receives SAR 2.2bn loan from SABB

Sulaiman Al Habib’s unit receives SAR 2.2bn loan from SABB
The credit facility will finance the North of Riyadh Hospital project.
ALHABIB
4013
-1.57% 113.20 -1.80
SABB
1060
1.53% 25.20 0.38

Riyadh – Mubasher: North of Riyadh for Healthcare Company, a subsidiary of Dr. Sulaiman Al Habib Medical Services Group, has inked a long-term Shariah-compliant credit facility agreement worth SAR 2.170 billion with Saudi British Bank (SABB).

The loan term extends over 13 years, including a five-year grace period, according to a stock exchange filing on Thursday.

The credit facility will finance the North of Riyadh Hospital project in the Sahafa District.

The guarantees provided for the credit facility are a promissory note from the company, a corporate guarantee from the parent company, and a mortgage of the project’s land to SABB, the statement added.