Middle East Specialised Cables Company has announced that it had signed a sharia-compliant finance agreement with Saudi Awwal Bank worth SAR100 million ($26.6 million). The funds will be used to support MESC's working capital and the issuance of performance bank guarantees.
Saudi-based Shalfa Facilities Management Company has sealed a sharia-compliant credit facilities agreement with Saudi Awwal Bank for its operational activities and to fund its future projects. The funding will also be used for issuing bid bonds, letters of credit and project progress payment finance.
