Taiba Holding Company announces that Al-Aqeeq Real Estate Development Company, a subsidiary of Taiba, has secured long-term Shariah-compliant financing.

Taiba Holding Company announces the completion of Al-Aqeeq Real Estate Development Company on 30/06/2013. It is one of the subsidiaries of Taiba Holding Company and represents its real estate arm. Taiba owns 89.89% of its capital for the procedures of obtaining Al-Aqiq long-term financing in accordance with Islamic Sharia Al Tawarruq from Riyad Bank for the purpose of financing the completion of the transfer of the Al Aqeeq residential and commercial center in Madinah to a five-star hotel where the value of the financing is 120,000,000 one hundred and twenty million riyals for a period of 6 years including the grace period so that repayment begins after the first year and for a period of five years Start using this financing during the third quarter of this year 2013, and the guarantees provided in exchange for funding referred to is the mortgage instrument possessory ownership of the project land in addition to ensuring solidarity and fined the performance of Taiba Holding Company.