Saudi Advanced Industries Co. (SAIC) on Sunday inked a SAR 50 million shariah-compliant credit facility agreement with Saudi Investment Bank (SAIB), the company said in a statement on Tadawul.

 

The funding period is from July 1, 2018 to June 30, 2021.

 

The facility will go towards financing the company’s expansions in addition to repaying the remaining part of a SAR 25 million credit facility obtained from Alawwal Bank.

 

The deal is covered by promissory notes and a mortgage, the company added.

 

No related parties are involved in the transaction.

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