First Avenue Signs SAR 100M SAB Financing for Expansion

First Avenue for Real Estate Development Co. signed a SAR 100 million Shariah-compliant banking facility with Saudi Awwal Bank. The financing is earmarked for the company's real estate project expansion.

First Avenue develops residential and commercial properties in the Kingdom. The facility adds to the company's funding options as it scales its project pipeline. Terms of the deal were not disclosed beyond the facility size and compliance structure. The agreement follows a series of similar Islamic finance arrangements in Saudi Arabia's real estate sector as developers tap bank liquidity for new builds.

SAB, one of the Kingdom's biggest lenders, has been active in corporate and project financing. The bank did not comment on the specific terms beyond the signed facility.