Saudi Arabia: Jabal Omar secures a loan of $506 million from Al Rajhi Bank.

Riyadh – Jabal Omar Development Company finalized a SAR 1.90 billion facility agreement with Al Rajhi Bank on January 25, 2024, as per a recent disclosure to the stock exchange. The financing arrangement was secured by certain real estate assets within the Jabal Omar project in favor of the Ministry of Finance. Simultaneously, the company commits to providing various representations and warranties to the ministry.

The loan, secured for a two-year period, aims to expedite the completion of ongoing construction phases and fulfill financial obligations. In the first nine months of 2023, the publicly listed firm achieved profitability, reporting SAR 237.55 million in contrast to net losses amounting to SAR 157.98 million in the same period of 2022. Al Rajhi Bank posted a 2.31% year-on-year decrease in net profits, totaling SAR 12.45 billion in the first nine months of 2023 compared to SAR 12.74 billion in the corresponding period of 2022.

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