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  • Ataa Educational to reschedule $33m loans to Saudi banks through Murabaha

Ataa Educational to reschedule $33m loans to Saudi banks through Murabaha

The group operates some 13 schools in Riyadh with more than 26,000 students enrolled. (File/AFP)
The group operates some 13 schools in Riyadh with more than 26,000 students enrolled. (File/AFP)
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02 Jun 2021 06:06:57 GMT9
02 Jun 2021 06:06:57 GMT9
  • The education firm finalized a Murabaha agreement with the Saudi Investment Bank

Arab News

DUBAI: Ataa Educational Company has struck a SR125 million ($33.3 million) Islamic financing agreement to reschedule existing loans with Saudi banks.

The education firm finalized a Murabaha agreement with the Saudi Investment Bank, it said in a stock exchange filing on Wednesday.

“The purpose of the agreement is to reschedule a number of existing loans with some Saudi banks and other obligations, in addition to working capital financing and facility line for letters of guarantees issuance,” it said in a statement.

It said the agreement would provide better terms and more competitive pricing.

The group operates some 13 schools in Riyadh with more than 26,000 students enrolled.

Private school operators throughout the region have been hit hard by the pandemic with some forced to freeze or cut fees.

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