Riyadh – Mubasher: Al Hammadi Company for Development and Investment signed an Islamic financing facility agreement worth SAR 100 million ($26.7 million) with the Arab National Bank (ANB).

The agreement's facilities will be distributed over fixed medium-term Tawaruq financing at a value of SAR 50 million, with a 4-year financing period and 1-year grace period.

The facilities will also include fixed short-term Tawqruq financing amounts to SAR 50 million, with a 1-year financing period, according to a bourse filing on Monday.

The purpose of the agreement is to finance the company's working capital.

"Loan guarantee is on demand order note with the total facility value to the benefit of ANB," the statement said.