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FINANCIAL NEWS
KSA Jabal Omar to accept USD 800mn loan
18 Feb 2016
(MENAFN) Saudi Arabia’s Jabal Omar Development signed a deal with the Ministry of Finance to submit payments on a USD 800mn loan.
Moreover, the eight-year loan was extended for three years and the first payment is now will be paid in Jan 2019.
However, Jabal Omar failed to make the first repayment of USD 173.24mn on Jan this year, warning that its sustainability depended on funds to repay debts.
Additionally, the developer’s projects are situated in Mecca’s Jabal Omar district near the Holy Mosque, and the Co. has long-term debt of more than USD 2.13bn.
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