Riyadh – Mubasher: Tam Development Company signed a SAR 25 million Sharia-compliant financing facility agreement with Saudi Awwal Bank (SAB) on 20 September 2023.

The funding term is 12 months and the agreement is guaranteed by a promissory note worth the total amount of the facility, according to bourse disclosures.

The company stated that the purpose of the financing is to obtain a short-term credit line if needed in addition to bank guarantee facilities.

In August this year, Tam Development awarded three contracts at an aggregated value of SAR 45.12 million.