Taiba Holding Company announces that Arab Tourist Areas Company (Arak), a subsidiary of Taiba, has acquired long-term Shariah-compliant financing.

Taiba Holding Company announces the completion of the Arab Company for Tourist Zones (Arak) on 25/6/2013. It is one of the subsidiaries of Taiba Holding Company. It is the tourism arm of Taiba and has 86.88% of its capital. In accordance with the Tawarruq formula of Riyad Bank for the purpose of financing the construction of the five-star Al Khobar Arak Hotel in Al-Khobar City. The financing amount is 250 million two hundred and fifty million riyals for a period of ten years including the grace period. Arak expects to start using this ration During the third quarter of the current year 2013. The guarantees provided against the said financing are the real estate foreclosure of the land title of the project as well as the guarantee and the joint performance of Taiba Holding Company.