Masar extends SAR 4.5B Islamic facilities with Alinma Bank

Umm Al Qura for Development and Construction Co. (Masar) extended on Sept. 28 Sharia-compliant bank facilities agreements with Alinma Bank.

These facilities included a long-term leasing agreement at SAR 4.1 billion and a Murabaha facility at SAR 400 million, according to a statement to Tadawul.

The funds will be used to optimize capital structure and secure additional financing sources at competitive prices.

The total combined financing amounts to SAR 4.5 billion, which was fully extended including the currently utilized balance of SAR 2.6 billion.

These facilities will mature on July 3, 2029, instead of July 3, 2026.

Guarantees include real estate mortgage and promissory notes for the value of the facilities, the statement noted.