Riyadh - Mubasher: Qimam Noshoz for realestate Development Company, a subsidiary of Banan Real Estate Company, inked a credit facility agreement worth SAR 84 million with Riyad Bank on 1 June 2026.

The facility includes SAR 49 million loan for seven years and SAR 35 million financing for eight years, according to a bourse statement.

Secured by a promissory note in addition to the continued mortgage, the loan will be used to fund the construction works for the Al Rahmaniyah gem and Al Wadi District gem projects, which are leased to Armah Sports Company, in addition to the hotel project in Al Wadi District.

In June 2025, the unit signed a SAR 244.11 million with Armah Sports to build two fully equipped fitness clubs ready for operation in Riyadh in Ar Rahmaniyyah district at Al Takhassousi Road.