Al Rajhi Bank Signs SAR 1.9 Billion Murabaha with Jabal Omar

Dentons has advised Al Rajhi Bank on a SAR 1.9 billion murabaha facility agreement with Jabal Omar Development Company, one of the largest real estate developers in the region and a major listed company on the Saudi Tadawul Stock Exchange.

The two-year facility, backed by a Ministry of Finance guarantee, aims to expedite the completion of under-construction assets related to Jabal Omar Development Company’s flagship multi-use real estate mega-development project.

Umera Ali, Banking and Finance partner at Dentons, expressed her delight at supporting Al Rajhi Bank on this facility. She emphasized that this deal contributes to the further development of the Kingdom’s vision for the tourism sector. Ali also highlighted the strength of Dentons’ finance practice in the Kingdom of Saudi Arabia and expressed optimism for more successful transactions in the Kingdom this year.

The Dentons team, led by partner Umera Ali, included senior associate Tony Nicholson and consultant Mahnoor Latif.