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Logo of Red Sea International Co.
Red Sea International Co. obtained, today, Aug. 18, a Shariah-compliant Tawaruq credit facility worth SAR 35 million from Saudi British Bank (SABB), the company said in a filing to Tadawul.
The funding term is 54 months, and the facility is secured by a promissory note and the assignment of the project’s proceeds.
The amount is intended to finance the company projects.
There are no related parties in the deal, the company noted.
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