Alandalus lands $19M Shariah-compliant facility from SAB for land buy

What's the deal? Alandalus Property Co.Dealroom has a profile for this one. Try Dealroom → secured SAR 71.3 million (roughly $19 million) in short-term Shariah-compliant Tawarruq financing from Saudi Awwal Bank (SAB)Dealroom has a profile for this one. Try Dealroom →, according to a statement to TadawulDealroom has a profile for this one. Try Dealroom →. The facility carries a one-year tenor from the date of utilization, backed by a promissory note and a property mortgage as collateral.

What's the endgame? Alandalus will use the money for a land acquisition that supports its expansion plans for real estate projects. The company said details of the acquisition will be disclosed in due course, and that no related parties are involved in the deal.

Why now? The financing aligns with Alandalus's 2026–2030 strategy, which aims to diversify its investment portfolio. The debt was secured on October 13.

The signal: A quick debt facility earmarked for land shows Alandalus moving fast to lock in assets early in its five-year plan — a sign it is prioritising portfolio expansion over waiting on equity.

Read more: saudiweek.com

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