Sumou Real Estate announced the signing of a credit facility agreement (compatible with the provisions of Islamic Sharia) with the Saudi French Bank, to finance the company with banking facilities worth 64 million riyals. / p>
The company said in a statement to the (Saudi) market, Tadawul, today, Monday, that the facilities are divided into 32 million riyals, a letter of guarantee for good execution, and an amount of 22 million riyals, a letter of guarantee. The advance payment, and the amount of 10 million riyals, facilities for buying and selling goods (Tawarruq).
and the company clarified that the agreement was signed with Banque Saudi Fransi on Sunday, indicating that the financing period is 4 years.
and the company stated that the guarantees presented against the financing are a bond for an order for the full amount in favor of the funder in addition to a real estate mortgage for a property owned by the Chairman of the Board of Directors.
The company aims, in obtaining these facilities, to finance the Khayala residential project (Dar Sumou) with the National Housing Company.
