Riyadh Mubasher: Arabian Contracting Services Company (Al Arabia) penned a long-term bank facility agreement valued at SAR 972 million with Saudi Awwal Bank (SAB) on 3 February.

The company aims to refinance the acquisition loan to Faden Media to reduce the finance cost and increase the profitability, according to a bourse disclosure.

The eight-year financing agreement is secured by a promissory note.

Al Arabia was awarded a SAR 694.31 million contract from the Roads General Authority (RGA) to advertise on intercity roads in Saudi Arabia.