Parallel market–listed Keir International has renewed a SAR 155 million ($41.3 million) Shariah-compliant financing facilities agreement with Saudi Awwal Bank (SAB), as the contractor looks to maintain funding for ongoing projects.

The one-year facility will be used to support current projects through the issuance of letters of credit and letters of guarantee, as well as to renew an existing performance bond tied to ongoing work. The facility is backed by a package of guarantees.

(Writing by Ahmad Mousa; editing by Daniel Luiz)
Ahmad.mousa@lseg.com