DEBT WATCH-

Ajlan & Bros unit, Abdul Aziz Al Ajlan Sons for Commercial and Real EstateInvestment, secured its first syndicated Murabaha facility, raising USD 300 mn from a group of regional and Saudi banks, Zawya reports citing Gulf Daily News. The seven-year, unsecured financing will be used to fund the group’s expansion initiatives and diversify its funding sources.

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ADVISORS- Gulf International Bank-Saudi Arabia (GIB), First Abu Dhabi Bank (FAB), and Kuwait Finance House Bahrain serves as lead arrangers, with GIB acting as the main coordinator.

STARTUP WATCH-

EdfaPay earns triple PCI certification: Homegrown fintech EdfaPay became the first company in the Kingdom and the wider Mena region to receive three certifications from the PCI Security Standards Council, including PCI MPoC Solutions, Software and services, according to a press release.

Why it matters: These certifications confirm that EdfaPay’s mobile payment technology, which works on regular smartphones and tablets, is secure for both contactless and PIN-based transactions.

REAL ESTATE-

View United Real Estate Development Company signed a SAR 122 mn contract with Dr. Yousef bin Othman Al Hazeem to build a residential tower in Riyadh, according to a disclosure to Tadawul. The project will follow the off-plan sales model and is expected to take 30 months to complete once necessary license is issued.

REFRESHER- View Real Estate Development inked a SAR 164 mn contract with Al Shams Holding Company in January to build and sell a residential tower in Riyadh’s Al Nakheel neighborhood.

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