Riyadh – Mubasher: The Power and Water Utility Company for Jubail and Yanbu (Marafiq) said it signed a loan agreement worth SAR 1.56 billion with the Saudi Industrial Development Fund (SIDF), reported Saudi Gazette.

The agreement was signed by Marafiq’s CEO Abdullah ibn Khalifa Al-Buainain and SIDF director general Abdulkareem ibn Ibrahim Al-Nafie on behalf of their respective organisations, the newspaper..

The loan will be used to develop and carry out a number of on-going Marafiq projects in the Jubail and Yanbu industrial cities, said Al-Buainain, adding that these projects included an industrial water project at the facilities of Sadara Company in Jubail and the expansion projects of Marafiq’s Power Plant in the Yanbu-2.

“This SIDF loan will be utilised as part of Marafiq’s continuous efforts to meet its customers and investors’ requirements in the two industrial cities of Jubail and Yanbu,” Marafiq’s CEO added.