Middle East Specialised Cables Company (MESC) has obtained a Shariah-compliant financing deal worth AED 91million ($24.78 million) from UAE lender Mashreq.

The banking facility, which is available until March 31, 2026, will help the Saudi cable maker meet working capital needs, including procuring raw materials and issuing letters of credit and guarantees.

The Saudi-listed company provided promissory notes worth AED 91 million and mortgage of up to AED 20 million on factory and machinery as collateral for the financing.

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