Al Khodari signs Islamic credit facility

Beirut: Saudi Arabia’s Abdullah A. M. Al Khodari Sons Co. said on Tuesday that it has signed two Islamic credit facility agreements worth a combined 535.1 million Saudi riyals. The contracting firm also said that it has signed a 65 million riyal deal with the kingdom’s Northern Borders municipality to implement a local waste collection and disposal project. Regarding the credit facilities, Al Khodari said in two separate statements posted on the Saudi bourse website that they aim, among other things, to finance the company’s working capital requirements and fixed asset purchases.

The first facility, valued at 290.1 million riyals, has duration of 48 months, and was signed with Gulf International Bank, which is mainly owned by the Saudi government. The second credit facility, valued at 245 million riyals, is a renewal of an existing Islamic facility with Al Rajhi Bank, Saudi Arabia’s biggest listed lender, Al Khodari said.