Saudi builder Khodari renews $35.2m Islamic facility

Dubai: Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari and Sons said on Sunday that it had renewed an existing 132 million riyal (Dh129.2 million, $35.2 million) Islamic credit facility with Samba Financial Group. The facility will provide bonding commitments as well as capital and working capital requirements for projects and general business, it said in a statement. Credit limits for projects covered by the facility will range from 36 to 60 months. In a separate statement, the company said it had won a 69 million riyal contract from the kingdom’s Ministry of Environment, Water & Agriculture for the maintenance of water networks. The financial impact of the project is expected to start in the third quarter, it added.