Alkhorayef Water raises private financing from SNB to SAR 850M

Alkhorayef Water and Power Technologies Co. (AWPT) renewed and increased its Shariah-compliant banking facilities agreement with Saudi National Bank (SNB).

The agreement facilitates the issuance of all types of guarantees, letters of credit, and both long-term and short-term loans, AWPT said today, March 17, in a statement to Tadawul.

The company said the financing amount under the current credit facilities was raised by SAR 200 million to SAR 850 million from SAR 650 million.

The guarantee for the financing was amended to a promissory note worth SAR 935 million, while all other terms remained unchanged.

The financing period extends until Dec. 31, 2025, with promissory notes serving as collateral, the statement added.