Published: August 27, 2013
Bank grants US$80mn Islamic loan to Saudi Hotels and Resort Company.
Saudi Arabia’s Riyad Bank has backed a local developer’s plans to build a new hotel in the kingdom’s capital city.
The bank has agreed a SAR308.8mn (US$82mn) Murabaha facility – a type of Islamic loan – with Saudi Hotels and Resort Company, a hotel developer and operator. The company will use the funds in the construction of a hotel in Riyad’s diplomatic area.