First published: 02-Jun-2026 12:30:41

Staff Writer

Banan Real Estate Company said its subsidiary, Qimam Nashaz Real Estate Development, has secured a Shariah-compliant credit facility to fund projects in northern Riyadh.

The credit facility of 84 million Saudi riyals ($22.36 million) was obtained from Riyad Bank, the developer said in a statement to the Saudi stock exchange.

The funds will be used to construct Al Rahmaniyah and Al Wadi District gem projects, which are leased to Armah Sports Company, as well as a hotel in Al Wadi District.
 
Banan offered a promissory note and a real estate mortgage as a guarantee for the facility, the statement said.

In February 2025, Armah Sports and Banan Real Estate teamed up to establish fitness clubs on the Northern Ring Road in Riyadh’s Al Wadi district for SAR 224.01 million.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.