ALAKARIA  Saudi Real estate company has announced that it has obtained Sharia-compliant financing from AlJazira Bank, amounting to 700 million Saudi Riyals.

In a statement to Tadawul, the company explained that the financing is divided into short-term financing with a maturity of one year and long-term financing with a maturity of 10 years.

The company stated that the purpose of the financing is to fund a number of the company's existing and new projects and its expansion investments, and that the company can use a portion of this financing, up to a maximum amount of 100 million Riyals, to support the company's working capital requirements.

The company added that the provided guarantees include a promissory note and a real estate mortgage, noting that there are no related parties.