DUBAI (Feb 9): Creditors have agreed in principle to Saudi Binladin Group's (SBG) request for a two-year extension on a 10 billion riyal (US$2.7 billion) Islamic credit facility used to pay for delayed building work at the Grand Mosque in Mecca, sources said. This had now been agreed, subject to the signing of legal documents, and should be finalised by March, one source said. Another source described the deal as financially rewarding for the creditors as SBG will continue to pay interest throughout the period of the extension. The loan will now have a similar timeframe for the completion of the mosque project, which has been delayed to allow the Saudi government to defer some of its spending plans. Dubai Islamic Bank was the lead bank on the facility, with the other banks mainly United Arab Emirates-based including Emirates NBD and Noor Bank, the sources said, with one adding that Ajman Bank, Union National Bank and Mashreq were also involved.

Source: The Edge Markets February 09, 2017 15:56 UTC