Staff Writer

Asas Makeen Real Estate Development and Investment Company said it has renewed Shariah-compliant credit facilities to finance land acquisitions and construction of residential projects.

The credit facilities amounting to 350 million Saudi riyals ($93.24 million) were renewed with Al Rajhi Bank, the developer said in a statement.
 
The facilities have a term range of 6 to 120 months and are guaranteed by a promissory note and mortgages over title deeds covering the financed properties.
 
The facilities also include the issuance of a financial guarantee in favour of the state-owned National Housing Co.
 
The renewal is part of Asas Makeen’s plans to strengthen its financing capabilities for land purchases, development activities and the construction of residential projects.

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

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