Jabal Omar to Saudi govt loan

15 December 2011: Saudi developer Jabal Omar has signed a loan agreement for $800 million (approx Rs.4,315 crore) with the finance ministry to complete some of its projects in Makkah. The loan will be repayed over eight years, two of which are a grace period.

Jabal Omar is in charge of developing an area near the Grand Mosque in Makkah. The project will include luxury hotels, shops and houses. The developer sought shareholder approval last year for a change in its basic charter that would allow it to take on more debt.

Source: Trade Arabia