Saudi Arabia’s Power and Water Utility Company for Jubail and Yanbu, known as Marafiq, signed an agreement with local banks to obtain a 4.5 billion riyal ($1.2 billion) Islamic loan, the official Saudi Press agency reported, citing Chief Executive Officer Thamer al-Sharhan.
The company will use the loan, to be repaid over 15 years, for expansion projects in the industrial cities of Jubail and Yanbu, the Riyadh-based news service said, citing al-Sharhan.
HSBC Holdings Plc and Banque Saudi Fransi (BSFR) helped arrange the Murabaha facility, it said.
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