Dur Hospitality Obtains Sharia-aligned Facility from Alinma Bank
EKISPEDIA.COM - Dur Hospitality Company has secured Sharia-compliant Murabaha financing worth SAR 257 million from Alinma Bank on 29 November 2022.
The Murabaha facility holds a 10 years duration period from the date of obtaining the funding, with a three-year grace period, according to a bourse disclosure.
The financing will be guaranteed by a promissory note provided by Dur Hospitality.
It is worth noting that the facility will help in developing and expanding Rixos Jeddah Resort with 174 keys, in addition to other outdoor infrastructure.
The project comes in line with the company's strategy to expand in the hotel and real estate business.
During the first nine months (9M) of 2022, Dur Hospitality achieved net profits after Zakat and tax of SAR 2.17 million, against net losses worth SAR 8.13 million in 9M-21.