Riyadh – Mubasher: Tam Development Company has signed a SAR 15 million Sharia-compliant banking facilities agreement with Bank Aljazira.

The company obtained the one-year financing on 12 November 2023 for the purpose of facilitating bank guarantees as well as short-term funding if needed, according to a bourse disclosure.

Meanwhile, Tam Development provided a promissory note worth 110% of the total facilities' value as a guarantee for the loan agreement.

The deal comes nearly two months after Tam Development secured SAR 25 million worth of Islamic financing from Saudi Awwal Bank (SAB).