Saudi Alhokair units sign $1.2 bn financing for real estate deals
The transactions took almost a year to complete due to the complex structures
Click here to add Alinma Bank as an alert
Disable alert for Alinma Bank,
Click here to add Arabian Centers Company Limited as an alert
Disable alert for Arabian Centers Company Li ...,
Click here to add FAS Capital as an alert
Disable alert for FAS Capital,
Click here to add Gulf International Bank as an alert
Disable alert for Gulf International Bank,
Click here to add Latham as an alert
Disable alert for Latham,
Click here to add Muhanad Awad as an alert
Disable alert for Muhanad Awad,
Click here to add National Commercial Bank as an alert
Disable alert for National Commercial Bank,
Click here to add SAMBA Financial Group as an alert
Disable alert for SAMBA Financial Group,
Click here to add Saudi Hollandi Bank as an alert
Disable alert for Saudi Hollandi Bank
Two units of Saudi Arabia's Fawaz Alhokair Group have signed sharia-compliant financing facilities worth 4.6 billion riyals ($1.2 billion) to fund real estate developments, a statement said on Sunday.
Arabian Centers Company Limited (ACCL) and Saudi FAS completed deals worth 2.7 billion riyals and 1.9 billion riyals respectively, according to a statement from law firm Latham & Watkins, which advised the firms.
The transactions took almost a year to complete due to the complex structures which have never been used in Saudi before, Muhanad Awad, chief executive of FAS Capital, the financial and investment arm of Alhokair, said in the statement.
Alinma Bank, Gulf International Bank, National Commercial Bank, Samba Financial Group and Saudi Hollandi Bank provided the ACCL facility, with Alinma the sole financier of the Saudi FAS deal, the statement added.
No details of the terms for the financing was provided. King & Spalding was legal counsel to the banks.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow