Tuesday 03, July 2018 by Kudakwashe

The Saudi Advanced Industries Co secures Islamic facility from SAIB

 

 Facility will be used to cover its investment expansion and repay existing loan from Alawwal Bank 

The Saudi Advanced Industries Co (SAIC) has secured a SAR 50 million Shari'ah-compliant credit facility with The Saudi Investment Bank (SAIB) through a promissory note and a mortgage.  

According to a statement on Tadawul, the facility extends from the signing date of 1 July 2018 to 30 July 2021. SAIC will use this loan to cover its investment expansion as well as repay the remaining amount of a SAR 25 million loan from by Alawwal Bank.

SAIC has reported a SAR 5.11 million growth in its profits in the first three months of 2018, compared to SAR 3.4 million in Q1 2017.

  

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