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

02/06/2022 Argaam
Logo ofAlkhorayef Water and Power Technologies Co.

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.

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