Riyadh – Mubasher: Arabian Education and Training Group Holding Company, a subsidiary of Ataa Educational Company, has inked a Sharia-compliant Murabaha financing agreement worth SAR 100 million with Emirates NBD.

The subsidiary will use the Murabaha amount to reschedule loans secured from Saudi banks, according to a bourse filing on Wednesday.

The existing loans with the Saudi banks are due in 2022, while the maturity of the new Murabaha financing is in 2029 through semi-annual instalments.

Last December, Ataa Educational signed an agreement allowing its subsidiary Arabian education to wholly acquire Naba'a Educational Company by issuing new shares.