Saudia Cargo gets SAR 1 bln Islamic loan from three banks

Saudi Airlines Cargo Company (Saudia Cargo) has signed a SAR 1.2 billion  ($320 million) Islamic loan deal with three banks, according to Clifford Chance, the law firm working on the deal.

The funding will be used for the expansion of its cargo facilities at King Abdul Aziz International Airport in Jeddah and King Khalid International Airport in Riyadh.

HSBC Saudi Arabia, the Saudi British Bank and Al Rajhi Bank provided the loan, the statement said.