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Sumou Real Estate secures SAR 50m loan from Riyadh Bank

Sumou Real Estate secures SAR 50m loan from Riyadh Bank
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Riyadh – Mubasher: Sumou Real Estate Company has signed a Sharia-compliant facility agreement worth SAR 50 million with Riyadh Bank.

The Saudi listed company obtained the loan on 19 June this year to issue letters of credit and guarantee, according to a bourse filing.

Meanwhile, the three-year financing is secured by a promissory note worth the total value of the loan in favour of the lender.

Last April, Sumou Real Estate penned a long-term rental contract with Al Shabab Saudi Club at a cost of SAR 19.30 million.