Arabian Centers Company “Cenomi Centers” (4321), known for its modern commercial complexes in Saudi Arabia, has secured Sharia-compliant credit facilities totaling 5.25 billion riyals.
What
Cenomi Centers has signed financing agreements with several banks, including Murabaha facilities that are secured and compliant with Islamic law.
These facilities also include revolving Murabaha facilities with lower borrowing costs and more flexible commitments compared to current facilities.
Why This Matters
The proceeds from these facilities are intended for the following purposes:
– Repayment of existing facility dues
– Payment of fees, costs, and expenses related to the new facilities
– General purposes and working capital requirements of the company
– Supporting the future growth of the company
Some Context
Cenomi Centers noted its success in obtaining better financing, including improved commitments and better pricing terms compared to current facilities.
It stated that the new facilities are structured as sustainable financing, with a commitment to sustainability-linked loan principles.
These principles align with three key sustainability performance indicators as follows:
– Reduction of carbon emissions
– Increase in the percentage of assets connected to the Saudi national electric grid
– Increase in the percentage of women in certain leadership roles within the company
