Red Sea secures SAR 35 mln Tawaruq credit facility from SABB

18/08/2022 Argaam

Logo of Red Sea International Co.

Red Sea International Co. obtained, today, Aug. 18, a Shariah-compliant Tawaruq credit facility worth SAR 35 million from Saudi British Bank (SABB), the company said in a filing to Tadawul. 

 

The funding term is 54 months, and the facility is secured by a promissory note and the assignment of the project’s proceeds.

 

The amount is intended to finance the company projects.

 

There are no related parties in the deal, the company noted.

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