Mimar International have successfully obtained Shariah-compliant financing facilities of SR505 million from Saudi Hollandi Bank and Saudi British Bank (SABB). Roots Group Arabia specializes in the distribution of construction equipment and materials, contracting, and manufacturing in the Kingdom and the region. Mimar International is the contacting arm of the group. Roots Group aims to widen its operations within the Gulf area and the Middle East and to strengthen its investment through carrying out strategic projects that are in line with its development objectives. The loan is the first grouped Islamic loan obtained by the group in its history and comes as part of its strategy to improve its medium-term liquidity-funding base. Eng. Samir Al Shubaily, deputy CEO of Roots Group Arabia, said the success of the funding agreement was reflective of the investment power of the group, adding that it will contribute to the group's execution of its strategy of promoting its solid financial position and proceeding with the further expansion and investment at both local and regional levels. He emphasized that Roots Group adheres to Islamic principles in all its business and financial dealings and that such principles are central to the group's operations. Al Shubaily also said the alliance with local banks comes in parallel to the plans of the group to contribute to the development of Saudi Arabia, especially through participating in the local economy and infrastructure. The agreement is evidence of the trust of the banking community in the financial strength of the group, especially after the outstanding 2011 financial results, where revenues exceeded SR 2.5 billion, he added.
