Riyadh – Mubasher: Abdullah A. M. Al-Khodari Sons Company on Wednesday announced the renewal of an SAR 330 million Islamic credit deal with Alawwal Bank.

“The purpose of these credit facilities is to provide bonding commitments and fund capital requirements and working capital needs for the company's general purposes and specific projects,” the company said in a statement to the Saudi Stock Exchange (Tadawul).

The credit facilities comprise 50% Murabaha financing and 50% multi bonds, Al Khodari said, noting that the modes of utilisation are murabaha financing, multi bonds, and documentary credit.

“The credit agreement shall be due for renewal after one year; however, the credit limits will mature over the life of the prospective financed projects,” the company added.