JODC announces the early repayment of the National Commercial Bank loan of SAR 4 billion
Jabal Omar Development Company announces today, Thursday, November 9, 2017, the early repayment of the National Commercial Bank loan of SAR 4 billion, paid in full, in addition to all commissions and expenses relating to the loan.
Under the payment process, all the legal and financial obligations and the existing mortgage in favor of the bank will be canceled. Therefore, all assets in phase one of Jabal Omar project will be released, including 5 hotel properties in addition to Souk Al Khalil.
The financial impact is expected to reflect positively on the revenues and equity during the fourth quarter of this year.