First Avenue renews, increase SAR 320M credit facilities with Alinma Bank

First Avenue for Real Estate Development Co. renewed and increased a SAR 320 million Shariah-compliant credit facilities from Alinma Bank to support its expansion plans and the execution of its real estate projects.

In a statement to Tadawul, the company said that the five-year facilities agreement was signed on June 1 and will be valid until May 31, 2030.

The credit aims at financing the acquisition and development of the company’s projects.

The amount is covered by promissory notes equal to the facility amount and a mortgage on the project land in favor of the bank as well as an assignment of proceeds from the financed project to Alinma Bank.

No related parties are included, the statement added.