Saudi food company Modern Mills has signed a SAR235 million ($62 million) credit facility deal with Saudi Awwal Bank to finance a new feed mill project and support working capital needs. It includes a SAR120 million capex facility with a tenure of eight years and a SAR115 million revolving credit facility with a one-year tenure.
SAB Invest, the investment arm of Saudi Awwal Bank (SAB), has joined hands with Retal Urban Development Company for the launch of a CMA-regulated real estate investment fund valued at SAR1.9 billion ($502 million). The project will be developed on a 19,000sqm site in Riyadh's Almalqa district.
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.
