Travel, Tourism & Hospitality
Retal unit signs $40m facility agreement with Saudi TDF
Saudi-based Retal Urban Development Company has announced that one of its affiliates, Remal Al Khobar Real Estate Company, has signed a major facility agreement (Tawarruq) with the kingdom's Tourism Development Fund (TDF).
Saudi-based Retal Urban Development Company has announced that one of its affiliates, Remal Al Khobar Real Estate Company, has signed a facility agreement (Tawarruq) with the kingdom's Tourism Development Fund (TDF).
Retal Urban Development Company, which owns 50% direct stake in the company, said the limit of the facilities has been set at SR150 million ($40.6 million) for a 15-year period.
It is guaranteed by a promissory note in addition to a corporate guarantee, said Retal in its filing to the Saudi bourse Tadawul.
The financing has been secured to fund the Nobu hotel, residential units, and a restaurant located in Al Khobar city, it added.-TradeArabia News Service