Mubasher: Global Environmental Management Services (GEMS) concluded a SAR 300 million ($79.95 million) capital expenditure and working capital facility structured in the Murabaha format.

The financing aims to fund the expansion of GEMS in Saudi Arabia as well as satisfy its working capital requirements, according to a statement

“The facilities have capital expenditure and working capital tranches with final maturities of six years from the signing date,” GEMS said.

Arab Petroleum Investments Corporation (APICORP) and Emirates NBD Capital acted as mandated lead arrangers and joint coordinators, according to a statement.

APICORP is also the structuring bank, and investment and security agent, while Emirates NBD KSA is the account bank.