JEDDAH, 23 July — The Jadawel International Group has repaid loans worth more than SR1 billion to the National Commercial Bank eight years ahead of schedule, banking sources told Arab News. Under the terms of the loan agreement, the company only had to return the sum in installments by the year 2009, they added.
Speaking to Arab News by telephone, Muhammad ibn Isa Al-Jaber, a prominent businessman and owner of the Jadawel International, confirmed that his company had paid its debts to the bank early this month, but did not elaborate. However, he said the whole operation indicated the strength of the Saudi economy.
Jadawel, a Riyadh-based Saudi company, is one of the major clients of NCB.
“The repayment of this large sum will have a positive impact on the bank’s operations, especially in extending new loans,” economic observers said. NCB has posted a profit of SR1.184 billion in the first half of this year. This is a 38.2 percent increase over the same period last year.
Jadawel, ranked 20th among the top 100 Saudi companies listed by Arab News last year, has a capital of SR600 million. It is specialized in general contracting, construction, commercial services, maintenance and operation.
The company’s assets are estimated at SR3.2 billion and its annual revenue is put at about SR500 million.
The company owns four housing complexes with 1,250 housing units — three in the Eastern Province and one in Riyadh. The housing complex in the capital comprises 420 housing units with all the latest facilities.
Established in 1982, the company increased its capital from SR1.25 million to SR600 million ($160 million). Al-Jaber holds a 50 percent stake in the company while his son, Mohsen, owns 47 percent and Aboud Al-Amoudi three percent. The group’s annual sales are estimated at SR1.764 billion.
