Thursday, Jan 06, 2011
BEIRUT (Zawya Dow Jones)--Saudi Arabia's Bank Al Jazira has signed an agreement to grant medium-term Islamic financing worth 242 million Saudi riyals ($64.53 million) to the local Eastern Industrial Co., or EICO, Saudi-based Al Riyadh daily reports Thursday.
The financing, the second for this project by the bank, will partially fund EICO's project to set up a corrosion resistant fiberglass plant in Jubail Industrial City, the paper reports. Bank Al Jazira had previously signed an agreement with EICO for a SAR150 million bridge loan for a financing of SAR200 million granted by the Saudi Industrial Development Fund, it adds.
EICO has taken delivery of most of the plant's equipment and machinery and has completed all civil works at the project's site, Faysal Hamza, EICO's managing director, said according to the daily.
The plant will be the largest of its kind in the Middle East region and will have an annual production capacity of 60,000 tons with a plan to double it to 120,000 tons, Al Riyadh reports.
Newspaper website: http://www.alriyadh.com/2011/01/06/article592203.html
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
06-01-11 1129GMT
