Al Hokair Inks SAR 1.25 bn Murabaha Deal

Thursday, 24th August 2017
by Menna A. Farouk

A Saudi money exchanger counts Saudi riyals in Riyadh August 4, 2008. Saudi Arabia’s annual inflation rose 10.6% in June to a 30-year high due primarily to increases in food and housing costs, official data released on Sunday showed. The cost of living index for the largest Arab economy rose to 115.5 points on June 30 from 115 points in May, the Saudi Press Agency cited a report by the Ministry of Economy and Planning’s Central Department of Statistics. REUTERS/Fahad Shadeed (SAUDI ARABIA) – RTR20M01

Saudi Arabia’s Fawaz Abdulaziz Al Hokair & Co. announces a new agreement with Al Rajhi Bank, Invest-Gate reports.

The company is inking a SAR 1.25 bn Murabaha agreement with the bank to repay all short-term loans at 6-month intervals.

The Murabaha will enable the Tadawul-listed company to rebalance a significant part of its balance sheet and boost its ability to improve overall performance. The payment guarantee is sales proceeds deposited in the company’s bank accounts in Al Rajhi Bank.

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Menna A. Farouk 368 Posts

Menna A. Farouk is a Cairo-based reporter. She has contributed to several international news organizations, including Deutsche Welle, Al-Monitor and Global Voices.