Saudi Arabia’s BinDawood Holding Company has secured a Sharia-compliant Murabaha financing facility worth SAR 217.8 million ($58.1 million) from Arab National Bank and Emirates NBD Bank to support its planned acquisition of a majority stake in Vaza Food. 

The funds will be used to acquire 51% of Vaza Food, as the retailer continues to expand its presence in the food sector.

The financing was jointly provided by Arab National Bank and Emirates NBD’s Saudi operations. The Murabaha facility is a one-year revolving credit line. The agreement does not involve any bank guarantees.

Vaza is a Saudi-based food manufacturing, retail and distribution company operating in the confectionery, bakery, and food segments.

(Writing by Ahmad Mousa; editing by Seban Scaria)
ahmad.mousa@lseg.com