FINANCIAL NEWS

KSA Jabal Omar talks with lender after missing USD 173.2mn

01 Feb 2016

(MENAFN) Saudi Arabia’s Jabal Omar Development Co. in discuss with lenders after failing to make the first payment, which worth USD 173.29mn, on a USD 0.79bn state loan.

Accordingly, the Company depends on finding funds to repay short-terms debts, which has a long-term debt of more than USD 2.13bn.

In addition, the developer whose projects are situated in Mecca’s Jabal Omar district proclaimed it plans to use USD 239.8mn credit facility from local bank.

The regional bank will cover the repayment at USD 200.14mn, and the conditions of the government loan permit land to put up by Jabal Omar as deposit to be sold by the lender.

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