Saudi Energy signs SAR 15.8B financing facility with 7 banks

Saudi Energy Co. (SEC) signed, on July 27, a seven-year Shariah-compliant Murabaha financing facility with seven local banks, at a total value of SAR 15.8 billion.

In a statement to Tadawul, the company said the financing was provided by Saudi National Bank (SNB), Al Rajhi Bank, Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF), Arab National Bank (ANB), Riyad Bank, and The Saudi Investment Bank (SAIB).

The facility will be used for general corporate purposes and was obtained without providing any collateral.

Saudi Energy noted that related parties include SNB and Khaled Salem Al-Ruwais, who serves as a board member of Saudi Energy and SAIB.