Bank Al Jazira to fund fibreglass plant

Beirut: Saudi Arabia's Bank Al Jazira has signed an agreement to grant medium-term Islamic financing worth 242 million Saudi riyals (Dh236.9 million) to the local Eastern Industrial Company (EICO) Saudi-based Al Riyadh daily reported yesterday.

The financing, the second for this project by the bank, will partially fund EICO's project to set up a corrosion resistant fibreglass plant in Jubail Industrial City, the paper reported.

Bank Al Jazira had previously signed an agreement with EICO for a 150 million riyal-bridge loan for a financing of 200 million riyals granted by the Saudi Industrial Development Fund, it added.

EICO has taken delivery of most of the plant's equipment and machinery and has completed all civil works at the project's site, Faysal Hamza, EICO's managing director, said according to the daily.

The plant will have an annual production capacity of 60,000 tonnes with a plan to double it to 120,000 tons, Al Riyadh reported.