Alkhorayef Water inks Islamic finance deal worth SAR 295 mln with Riyad Bank

Logo of Alkhorayef Water and Power Technologies Co.

Alkhorayef Water and Power Technologies Co. signed, on Feb. 23, an Islamic finance agreement worth SAR 295 million with Riyad Bank, it said in a bourse statement.

The agreement, valid until Dec. 30, 2024, is guaranteed by a promissory note.

The company will use the finance to issue all types of governmental and non-governmental financial guarantees, letters of credit, and invoice financing for projects, the statement added.