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Saudi Arabia’s Alkhorayef Water and Power Technologies Company has renewed and increased its existing bank facility with Saudi National Bank (SNB) by SAR 200 million ($53 million).
With the new deal, the total value of the Sharia-compliant financing facility has been increased from SAR 650 million to SAR 850 million, the company said on Monday.
The financing duration has been extended until the end of the year, with the promissory note used as collateral now valued at SAR 935 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)
