Sumou Real Estate Company announces the signing of a credit facilities agreement (Sharia-compliant) with Saudi Awal Bank , amounted to 86.5 million SAR to finance Areem Makkah project and to issue a bank guarantee letter in accordance with the contract signed between Sumou Real Estate Company and National Housing Company (NHC) for the purpose of designing and constructing residential units in Makkah City. The total value of this project is 680 Million SAR, which was announced on May 25, 2025
Date of obtaining the funding
2025-09-08 Corresponding to 1447-03-16
Financing entity
Saudi Awal Bank
Financing amount.
86,500,000 SR
Financing duration.
3 years
Guarantees offered for the financing
Assignment of receivables for project and a promissory note.
Financing objective
Partial financing for the Areem–Makkah project and the issuance of a bank guarantee for the project in accordance with the contract signed between Sumou Real Estate Company and the National Housing Company, for the purpose of developing residential units in the city of Makkah.
Related Parties
No
Additional Information
No
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