Jabal Omar Development Co. on Wednesday said it has paid the first instalment of SAR 900 million, Shariah-compliant bridge loan secured from Bank Albilad at SAR 136.77 million.

 

The payment will reflect positively on the developer’s liabilities statement in Q1 2018, it said in a statement to Tadawul.

 

In October 2015, Jabal Omar secured a SAR 900 million Shariah-compliant bridge loan from Bank Albilad. Last March, the company inked an agreement with the bank to convert a short-term Shariah compliant bridge loan into a long-term loan to boost the company’s liquidity.

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