Arabia's Jadawel International Group has repaid loans worth more than SR1 billion ($270 million) to the National Commercial Bank (NCB) eight years ahead of schedule.

Under the terms of the loan agreement, the company only had to return the sum in instalments by the year 2009.

Muhammad ibn Isa Al-Jaber, a prominent businessman and owner of the Jadawel International, confirmed that his company had paid its debts to the bank in early July, but did not elaborate, the Arab News said. Jadawel, a Riyadh-based company, is one of the major clients of NCB. Ranked 20th in the Arab News' 2000 list of the top 100 Saudi companies, Jadawel has a capital of SR600 million. It is specialised in general contracting, construction, commercial services, maintenance and operation. The company's assets are estimated at SR3.2 billion and its annual revenue is put at about SR500 million, the report said. The company owns four housing complexes with 1,250 housing units - three in the Eastern Province and one in Riyadh.

The housing complex in the capital comprises 420 housing units with all the latest facilities. Al-Jaber holds a 50 per cent stake in the company, which was established in 1982. His son, Mohsen, owns 47 per cent and Aboud Al-Amoudi three per cent. The group's annual sales are estimated at SR1.764 billion, according to the report.