Dentons advised Al Rajhi Bank on Signing SAR 1.9 billion Murabaha Agreement With Jabal Omar Development

Dentons advised Al Rajhi Bank on Signing SAR 1.9 billion Murabaha Agreement With Jabal Omar Development

The facility is being supported by the Ministry of Finance

Dentons has advised Al Rajhi Bank on a SAR 1.9 billion Murabaha (cost-plus financing) structure agreement for the Jabal Omar Development Company (JODC), one of the largest real estate developers in the region and one of the largest listed companies on the Saudi Tadawul Stock Exchange.

The two-year facility, backed by the Ministry of Finance guarantee, will assist with accelerating the completion of the phases of the under-construction assets by JODC on its flagship multi-use real estate mega-development project.

Speaking on the development, Umera Ali, the Banking, And Finance Partner stated, "We are delighted to support Al Rajhi Bank on the facility and, by doing so, contributing to the further development of the Kingdom's vision for the tourism sector. The deal highlights the strength of Dentons' finance practice in the Kingdom of Saudi Arabia, and we look forward to many similarly successful transactions in the Kingdom this year."

The Dentons team was led by partner Umera Ali, with support from senior associate Tony Nicholson and consultant Mahnoor Latif.