Alkhorayef Water secures SAR 314.7 mln facility from Al Rajhi Bank for Dammam water networks

Logo of Alkhorayef Water and Power Technologies Co.

Alkhorayef Water and Power Technologies Co. signed today, June 2, a Sharia-compliant financing agreement worth SAR 314.7 million with Al Rajhi Bank, the company said in a statement to Tadawul.

The funds will be utilized in upgrading water networks in Dammam, namely project No. 5 - the strategic water network, distribution and reservoirs in the southeast of Dammam.

The financing period is three years. The loan is also guaranteed by a promissory note.

There are no related parties, the statement said.