First Avenue for Real Estate Development Announces Signing of a Shariah-Compliant Banking Facilities Agreement with Bank AlJazira
| Element List | Explanation |
|---|---|
| Introduction | First Avenue for Real Estate Development is pleased to announce to its valued shareholders that it has signed a Shariah-compliant banking facilities agreement with Bank AlJazira, in support of its expansion plans to implement its real estate projects. |
| Date of obtaining the funding | 2025-09-29 Corresponding to 1447-04-07 |
| Financing entity | Al Jazira Bank |
| Financing amount. | SAR 315,000,000 |
| Financing duration. | Six years |
| Guarantees offered for the financing | 1- Promissory notes for the value of the facilities and mortgage of the project land in favor of the bank.
2- Assignment of the proceeds of the financed project in favor of Bank AlJazira. |
| Financing objective | To finance the acquisition and development of the company’s projects |
| Related Parties | Mr. Mohammed Al-Nafea is considered a related party as he serves as a member of the Board of Directors of Bank Al Jazira, in addition to his membership in the Board of Directors of First Avenue for Real Estate Development. |
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