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Riyad Bank to provide $373m in financing for project

  • Saudi Arabia: Wednesday, July 01 - 2009 at 09:19

Saudi lender Riyad Bank said it would provide up to SR1.4bn ($373m) in financing for buyers into a property project partly led by Egypt's Talaat Moustafa Group, reported the Saudi Gazette. The bank signed an agreement on Sunday with Saudi-based property developer Thabat under which the lender will design Islamic-compliant packages for buyers in a project in Riyadh. Thabat is a joint venture between Talaat and Saudi real estate firm Al-Oula.

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