Saud Arabian construction company Red Sea International has secured a SAR35 million ($9.5 million) financing deal with SABB Bank.

The financing will be used to fund company projects, Red Sea International said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday. The company did not provide any details of the projects.

The new facility agreement has a duration of four years and six months.

The Saudi-listed firm reported a net loss of SAR48.2 million ($12.8 million) for the second quarter of the year, up from SAR29.9 million a year ago. The higher net loss has been attributed to lower revenue.

(Writing by Cleofe Maceda; editing by Seban Scaria)