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- The Shariah-compliant loan is provided by Al Jazira bank
DUBAI: The Saudi Real Estate Co., also called Alakaria, has secured a bridge loan of SR400 million ($106.6 million) to finance part of the price of the land it’s purchasing in the east of Riyadh.
The Shariah-compliant loan is provided by Al Jazira bank, the company said in a bourse filing, with a financing duration of 360 days.
Alakaria earlier said it was buying raw land in the east of Riyadh with a total value of SR727.09 million. The rest of the funds will come from the developer’s “self-generated resources.”