Riyadh - Mubasher: First Avenue for Real Estate Development Company obtained a SAR 315 million Shariah-compliant financing from Bank Aljazira on 29 September.

The six-year facility will enable the company to implement its real estate projects and finance the acquisitions, according to a bourse filing.

Promissory notes, a mortgage on the project land, and an assignment of project proceeds to the bank support the loan.

On 31 May, First Avenue renewed and raised its SAR 320 million facility with Alinma Bank.

During the first half (H1) of 2025, Bank Aljazira registered 20.24% year-on-year (YoY) higher net profits valued at SAR 743.10 million, versus SAR 618 million.