Riyadh – Mubasher: Alandalus Property Company has secured a Sharia-compliant Tawarruq financing facility totaling SAR 71.30 million from Saudi Awwal Bank (SAB).
The short-term credit agreement, signed on 13 October 2026, is intended to fund the acquisition of land to support the company’s real estate expansion plans.
The financing carries a maturity period of one year starting from the date of utilization. To secure the facility, Alandalus Property has provided a promissory note and a real estate mortgage as collateral.
The company stated that this move aligns with its 2026-2030 strategy, which focuses on diversifying its investment portfolio and expanding its property projects.
Alandalus Property noted that further details regarding the specific land acquisition will be disclosed at a later date. There are no related parties involved in the transaction.
In September, the company secured a SAR 35 million short-term Islamic financing from the Saudi National Bank (SNB).
