Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) has been granted a Sharia-compliant banking facility worth SAR 400 million from Bank Aljazira.

The company seeks to purchase raw land in the east of Riyadh with a total value of SAR 727.091 million, according to a bourse filing on Sunday.

Hence, the 360-day facility will finance part of the land's purchasing price.

It is noteworthy to mention that during the first nine months (9M) of 2021, Al Akaria’s net losses deepened by 141% year-on-year (YoY) to SAR 37.6 million from SAR 15.6 million.