Riyadh - Mubasher: Yamama Cement announced on Monday that it has agreed with National Commercial Bank (NCB) and Samba Financial Group raising the sharia-compliant credit facility limit from SAR 1 billion to SAR 3.6 billion.

The company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday, that the maturity date for the last instalments for these facilities is on 2 January 2025.

The new limits will be used to open new letters of credit worth SAR 500 million, as well as Murabaha facilities at SAR 2.1 billion.

The funds will be used to establish a new factory with a production capacity of 20,000 tonnes of clinker per day.

As per the statement, NCB is responsible for providing 75% of the facilities, while SAMBA accounts for 25%.