Riyadh – Mubasher: First Avenue Real Estate Development Company renewed and increased its SAR 320 million facility deal with Alinma Bank on 31 May 2025.

The loan was secured by promissory notes to the amount of the total facilities limit and a mortgage on the project land in favor of the bank, according to a bourse disclosure.

This is in addition to an assignment of proceeds from the financed project to Alinma Bank.

Meanwhile, the company will utilize the funding to finance the acquisition and development of its projects for five years until 31 May 2030.