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Saudi Arabia’s Professional Medical Expertise Company (ProMedEx) has renewed its Islamic loan facilities with Riyad Bank, valued at 84 million riyals ($22.4 million).
Of the total amount, SAR 6.5 million are bank guarantee facilities, with SAR 22.5 million marked as letter of credit facilities and SAR 55 million as a tawarruq limit.
ProMedEx, a medical devices distributor in the kingdom, said the one-year loan will finance existing projects and support its business expansion plans.
(Writing by Bindu Rai, editing by Daniel Luiz)
