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| 12 October, 2017

Saudi cement firm inks Islamic finance deal

Image used for illustrative purpose. An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. 
Image used for illustrative purpose.

Image used for illustrative purpose. An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

Saudi-based Umm Al Qura Cement Company has signed a key Islamic financing agreement with Riyad Bank to secure $13.3mln loan.

Saudi-based Umm Al Qura Cement Company has signed a key Islamic financing agreement with Riyad Bank to secure a SR50 million ($13.3 million) loan.

The loan will be used for funding an increase in working capital as well as the capital purchases, the company said in a filing to the Saudi bourse Tadawul.

A major player in Saudi Arabia, Umm Al Qura Cement Company manufactures and sells Portland and white cement products in the country. It also offers pozzolanic, sulphur-resistant cement, and clinker, as well as provides cement finishing services.

It has a factory near Taif city with a production capacity of 1.98 million tonnes per year of clinker.-TradeArabia News Service

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