Saudi’s Batic Real Estate Company Signs SAR 200 Million Financing Facility with Al Rajhi Bank 

Saudi Arabia-based Batic Investments and Logistics Company (BATIC) has announced the signing of a SAR 200 million (USD 53.3 million) Shariah-compliant facility agreement between its wholly-owned subsidiary, Batic Real Estate Company and Al Rajhi Bank, according to a bourse filing made on the 26th of May 2022.

Why it Matters?

The facility is expected to fund the company’s potential real estate investments, to be disclosed when the deal is executed. Several joint guarantees were provided by BATIC and Batic real estate company for the facility, backed by order notes and mortgage that cover the 36-months loan.

Details

BATIC recorded SAR 842,232 (USD 224,505) in net profits after Zakat and tax in the first quarter of 2022, compared...