Najran Cement secures SAR 49M SNB loan for grid project

Logo of Najran Cement Co.

Najran Cement Co. secured a Shariah-compliant, medium-term loan worth SAR 49 million from Saudi National Bank (SNB) for its electrical grid connection project.

The loan will be repaid over two years in annual installments, with a grace period of six months, according to a Tadawul statement.

The facility is secured by a promissory note, the cement producer noted.

According to data available on Argaam, Najran Cement signed an agreement with the National Grid SA within the liquid fuel displacement program (LFDP). The agreement entails establishing a power transmission station to provide electrical power to the company's plant located in Sultana, Najran, with a load capacity of 67 MVA. The agreement is valid until Dec. 31, 2025 or until the completion of the project.