Saudi-based Dar Al Majed Real Estate Company has announced the signing of an addendum to the credit facilities agreement previously established with Banque Saudi Fransi (BSF). This addendum increases the credit limit of the facilities granted to the company from US $146.4mn to $182.2mn.
The company, in its filing to Saudi bourse Tadawul, stated that the funding will primarily be utilised for Dar Al Majed’s expansion plans, and the development of its real estate projects. The amended financing agreement will remain in effect until 31 December 2028.
The original facilities agreement with Banque Saudi Fransi was signed in November 2023 and was disclosed in the company’s prospectus. The new addendum extends this agreement and establishes a credit ceiling for project funding, as mentioned in the statement.
