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Jabal Omar inks $1.3b loan deal for Makkah project.

Saudi Arabia's Jabal Omar Development Co has signed a SR5bn ($1.3bn) loan agreement with a group of local banks to refinance an upcoming bridge loan maturity and fund the development of hotels and shops in Makkah.

The loan runs for 12 years, with a four-year grace period on repayments, the developer said in a filing to the Saudi stock exchange on Monday.

The cash will refinance a SR1.35bn bridge loan, the statement added, and be used to fund the company's commercial development project in Makkah.

A source with knowledge of the matter said the bridge loan was due to expire on July 2.

The new loan will be provided by a group of seven banks, the source said, speaking on condition of anonymity.

Al Rajhi Bank, Bank Al Jazira, National Commercial Bank, SABB and Saudi Hollandi Bank - which provided the original bridge loan - have signed up to the deal, the source said.

Alinma Bank and Bank Al Bilad have also agreed to fund the deal, the source added.

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Publication:Hotelier Middle East
Geographic Code:7SAUD
Date:Jun 19, 2012
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