Saudi-based Alkhorayef Water and Power Technologies Company said it has signed an agreement with Riyad Bank to secure Shariah-compliant credit facility worth SAR450 million ($120 million).

 

A leading EPC and O&M contractor in water and wastewater sector, Alkhorayef Water and Power Technologies is one of the largest subsidiary companies of Alkhorayef Group which has been in business for over 60 years across 40 countries and 6 continents.

 

The credit facility will be used for funding the operation and maintenance of sewage treatment plants (Package 5) at Manfouha in capital Riyadh, said Alkhorayef Water and Power Technologies Company in its filing to Saudi bourse Tadawul.

 

The credit has been fully secured by a promissory note, it stated, addedg that there are no related parties to the deal.-TradeArabia News Service