Jun 19, 2012
Saudi Arabia's Jabal Omar Development Co has signed a SR5bn ($1.3bn) loan agreement with a group of seven local banks to refinance an upcoming bridge loan maturity and fund the development of hotels and shops in Makkah, Reuters has reported. The loan, which runs for 12 years, with a four-year grace period on repayments, will refinance a SR1.35bn bridge loan, and fund the company's commercial development project in the Holy City.
