Jabal Omar Development Company received a letter from the Saudi Ministry of Finance, including its approval to restructure an amount of 1.5 billion riyals of a total loan of 3 billion riyals that it had obtained in December 2011, into a secondary financial instrument compatible with Islamic Sharia, for an indefinite period in accordance with the agreed terms. on it.
According to Arab Net, the company said in a statement that the approval included extending the maturity dates of all installments due on the existing financing, and providing possible support to restructure other loans.
The company has been exempted from paying all bank commissions accumulated until the date of 11/14/2021 AD, which exceed 440 million riyals. The bank commission rate was reduced on the rescheduled amount of the loan of 1.5 billion riyals.
The approval included the capitalization of bank commissions, which will be calculated from the date of November 15, 2021 until the date of December 31, 2025.
The mortgage will be released from the plot of land on which the Double Tree Hotel is located and replaced by a mortgage of plots of land within the project of equal value in accordance with the agreed terms.
