Al Reef Sugar secures SAR 800 mln credit from SIDF

Al Reef Sugar refinery Co. has obtained a SAR 800 million loan from Saudi Industrial Development Fund (SIDF), according to a statement.

Aldukheil Financial Group was hired by Al Reef as a financial advisor to prepare a feasibility study and assist the company to raise funding for the project.

The sugar company said it has the full amount required to establish the largest sugar refinery plant in South Jazan at a total cost of SAR 1.2 billion.

Jazan Development Co. and Al Abdullatif Industrial Investment Co. each own 15 percent stake in Al Reef Sugar worth SAR 45 million of the company’s total capital of SAR 300 million, according to data compiled by Argaam.