Saudi Advanced affiliate gets SAR 90 ​mln loan from Industrial Development Fund

Saudi Advanced Industries Company (SAIC), an industrial investment vehicle, said an affiliate had obtained SAR 90 million loan from the Industrial Development Fund to finance its glass production line. 

The loan was taken against the company’s assets and will be paid off in installments in the course of seven years starting 2018, the company said in a statement to Saudi Arabia’s bourse, Tadawul.

The total cost of the project of the under-construction affiliate, Yanbu Glass, is SAR 230 million, SAIC said. It will be financed from the company’s own resources, partners and banks.

Obeikan Glass Company, in which SAIC owns 40 percent, owns 60 percent of the new Yanbu Glass Company.