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A man leaves an automated teller machine (ATM) outside Alinma Bank in Riyadh, Saudi Arabia, April 25, 2016.
Saudi Arabia’s First Avenue for Real Estate Development Co. has renewed and expanded the Shariah-compliant credit facility from Alinma Bank of 320 million riyals ($85.3 million).
The 5-year facility will be used to support its acquisition plans and for the execution of its real estate projects.
The developer has offered as guarantee promissory notes equal to the facility amount and a mortgage on the project land in favor of the bank. The proceeds from the finance project have also been assigned to Alinma Bank.
(Writing by Brinda Darasha; editing by Daniel Luiz)