Al-Andalus obtains long-term Sukuk financing from Saudi First Bank worth 48 million riyals

Logo of Al-Andalus Real Estate Company

Al-Andalus Real Estate Company announced obtaining long-term Sukuk financing compliant with Sharia controls from Saudi First Bank, worth 48 million riyals.

The company said in a statement on Tadawul that the financing was obtained on July 2, 2026, with a term of 8 years starting from the utilization of the financing, aiming to finance the purchase of land for an educational facility and its development for leasing purposes.

It indicated that a promissory note, mortgage of the property, and assignment of project revenues were provided as collateral for the financing, noting that there are no related parties.

It also pointed out that obtaining this financing comes within the framework of implementing its announced strategy for the period 2026-2030, aimed at diversifying the investment portfolio and expanding in the educational facilities sector. According to data available on Argaam, Al-Andalus Real Estate Company had announced today that one of its subsidiaries, Al-Andalus for School Buildings Construction Company, signed a contract with Ajyal Al-Yamamah National Schools to develop and lease a dual-curriculum educational complex in the Al-Naseem district of Riyadh.

As a result, Al-Andalus for School Buildings Construction Company purchased land for use as an educational facility with a total area of 11,000 square meters for a total value of 23.65 million riyals (including real estate transaction tax and brokerage).

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