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| 02 July, 2018

Saudi SAIC secures Islamic facility from SAIB

The deal extends from the signing date until 30 June 2021

A trader holds prayer beads as he works at the Saudi Investment Bank in Riyadh.  Image used for illustrative purpose.

A trader holds prayer beads as he works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

REUTERS/Fahad Shadeed/Files

Riyadh –   The Saudi Advanced Industries Co (SAIC) has signed a SAR 50 million sharia-compliant credit facility with The Saudi Investment Bank (SAIB).

The deal, signed on Sunday, 1 July, extends from the signing date until 30 June 2021, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

SAIC will use this loan to cover its investment expansion, as well as repay the remaining amount of a SAR 25 million loan given by Alawwal Bank, the statement added.

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The Saudi firm further noted that the facility was obtained through promissory note and mortgage.

SAIC last reported a 50.29% growth in its profits to SAR 5.11 million in the first three months of 2018, compared to SAR 3.4 million in Q1-17.

Source: Mubasher

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