Saudi Tasnee gets $1.06bn Islamic loan
Khobar , October 9, 2013
Saudi Arabia's National Industrialization Company (Tasnee) has signed a sharia-compliant loan facility worth SR4 billion ($1.06 billion) with seven Saudi banks and Emirates NBD.
The Saudi banks which contributed are Riyad Bank, Al Rajhi Bank, Bank Al Bilad, Saudi British Bank, Samba Financial Group, Banque Saudi Fransi and Saudi Investment Bank.
The financing, signed on Sunday, will be repaid in eight years including a one-year grace period, Tasnee said in a statement on Wednesday.
The loan, which was covered 1.5 times, will finance the company's stakes in future projects and refinance existing loans, it added without giving pricing details.
The company, active in petrochemicals and industrial projects in Saudi Arabia, has partnered with local petrochemical firms to build a butanol plant in Jubail, due to be completed by May 2015.-Reuters
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