31 May 2016
JEDDAH -- The Power and Water Utility Company for Jubail and Yanbu (Marafiq) has signed a big loan agreement worth SR1.56 billion with the Saudi Industrial Development Fund (SIDF).
Engineer Abdullah ibn Khalifa Al-Buainain, Chief Executive Officer of Marafiq and Abdulkareem ibn Ibrahim Al-Nafie, Director General of SIDF, inked the agreement on behalf of their respective organizations.
The loan will be used to develop and implement a number of on-going Marafiq projects in the Jubail and Yanbu industrial cities, said Engineer Al Buainain. These projects mainly included industrial water project at the facilities of Sadara Company in Jubail and the expansion projects of Marafiq Power Plant in the Yanbu-2.
Engineer Al Buainain complimented the SIDF for extending financial support for the expansion projects in the twin cities which have been undertaken in the wake of growing demand for utility services from both local and foreign investors. He noted the key role being played by SIDF in the overall industrial development of the Kingdom by providing easy loans to the entrepreneurs.
"This SIDF loan will be utilized as part of Marafiq's continuous efforts to meet its customers and investors' requirements in the two industrial cities of Jubail and Yanbu," Engineer Al Buainain noted.