Alkhorayef Water to secure SAR 257 mln Islamic loan facility from Riyad Bank

09/06/2022 Argaam

Logo of Alkhorayef Water and Power Technologies Co. (AWPT)

Alkhorayef Water and Power Technologies Co. (AWPT) announced today, June 9, the signing of a Sharia-compliant financing agreement worth SAR 256.97 million with Riyad Bank, according to a bourse filing.   

 

The loan facility tenor will end on Dec. 31, 2024, with the deal guaranteed with a promissory note. 

 

The loan will be used to finance the company’s water network projects in Al Khobar, in addition to the strategic water network and reservoirs in the north and south of Al Khobar. 

 

The deal includes no related parties, the statement added. 

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