Tam Development, SAB sign SAR 25 mln facility agreement

Tam Development Co. announced, on Sept. 20, the signing of a SAR 25 million Shariah-compliant facility agreement with Saudi Awwal Bank (SAB). 

The facility has a 12-month duration, with a promissory note worth the amount of the facility provided as a guarantee, the company said in a statement to Tadawul. 

The credit facility aims to provide short-term financing (when needed) and bank guarantee facilities. 

The agreement has no related parties, the statement said. 

Source: Argaam