Power and Water Utility Co. for Jubail and Yanbu (Marafiq) has signed a long-term Murabaha syndicated loan worth SAR 2.5 billion with five local banks, according to local media.
The banks are Al-Rajhi Bank, National Commercial Bank (NCB), Samba Financial Group, Saudi British Bank (SABB) and Riyad Bank, Al-Yaum daily reported.
This agreement is to finance a portion of the capital needs to boost the company’s production capacity in Jubail and Yanbu.
The loan is arranged by HSBC Saudi Arabia.
Abdullah Al-Buainain, Marafiq’s CEO, said this deal will help his company develop several facilities and complete the outstanding projects in Jubail and Yanbu.