DUBAI: Two units of Saudi Arabia's Fawaz Alhokair Group have signed Shariah-compliant financing facilities worth SR 4.6 billion ($ 1.2 billion) to fund real estate developments, a statement said yesterday.
Arabian Centers Company Limited (ACCL) and Saudi FAS completed deals worth SR 2.7 billion and SR 1.9 billion 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.
Alhokair units sign SR 4.6 bn financing deals
Alhokair units sign SR 4.6 bn financing deals
