Kuwait’s Heavy Engineering Industries & Shipbuilding Co. (HEISCO) has renewed its credit facilities worth KD 96.06 million ($311 million) with a local bank.

The fresh funds are earmarked to support operational activities, the Kuwaiti contractor said on Monday. 

The financing deal comes as the Gulf state seeks to accelerate the deployment of infrastructure to boost energy resilience.

HEISCO has bagged significant contracts worth around $793 million so far this year, driven primarily by major energy and utility infrastructure initiatives in Kuwait and Saudi Arabia.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com