“Al Khareef” increases its funding from the Arab National Bank to 327.2 million riyals

Today, Thursday, Al-Khorayef Water and Energy Technology Company “Al-Khorayef” announced the increase in the value of the loan facility. in compliance with the provisions of the Islamic Sharia with the Arab National Bank, of 50 million riyals.

Al-Khorayef stated in a statement to Saudi Tadawul that the total value of the facilities will be 327.2 million riyals instead of 277.2 million riyals.

He added that the guarantee given against the bill loan was increased by 50 million riyals, while the other conditions remained the same.

The company had announced the acquisition of the plants, with duration starting from 6 December 2021, until 30 June 2022.

The objective of the financing is the issuance of letters of guarantee and documentary credit, as well as facilitations for the financing of new projects and the financing of the extracts and foundation costs of the projects.

Read More About: Business News