SAIC inks SAR 100M credit facility deal with Alinma Bank

Saudi Advanced Industries Co. (SAIC) signed today, March 24, a Shariah-compliant credit facility agreement with Alinma Bank worth SAR 100 million, aimed to finance expanding the company’s investments.

In a statement to Tadawul, SAIC said the one-year financing is guaranteed by a promissory note, besides pledging a portion of its investment portfolio assets.

The company noted that there are no related parties to the deal.