Red Sea signs deal to raise outstanding facilities by SAR 40M

14/08/2025 Argaam
Logo ofRed Sea International Co. (RSI)

Logo of Red Sea International Co. (RSI)

Red Sea International Co. signed a Shariah-compliant financing agreement with Saudi Awwal Bank (SAB) to raise its credit facilities by SAR 40 million, bringing the total facility value to SAR 49 million.

 

In a statement to Tadawul, the company said it obtained the financing on Aug. 11, for a tenor of six months from the drawdown date. The facility will be used to finance the company’s working capital.

 

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Red Sea added that the financing is secured by a SAR 49 million promissory note signed by Red Sea International and a guarantee from Al-Dabbagh Group.

 

The increase supplements a SAR 9 million facility agreement signed between the two parties on May 1.

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