Riyadh — Mubasher: First Avenue for Real Estate Development Company announced the signing of a Sharia-compliant banking facilities agreement totaling SAR 100 million with Saudi Awwal Bank (SAB), according to a bourse filing.

The financing was officially secured on 16 July 2026 and is intended to support the company’s expansion strategy and the execution of its various real estate projects.

Meanwhile, the credit facility carries a maturity period of four years.

To secure the funding, First Avenue provided promissory notes equivalent to the total value of the facility and has mortgaged the land or projects associated with the financing in favor of the bank.

Additionally, the company has agreed to the assignment of proceeds from the funded projects to the lender.

Management stated that the primary objective of this financing is to bolster the company’s expansion plans and strengthen its overall financial structure.

Furthermore, the company confirmed that there are no related parties involved in this transaction.