Riyadh – Mubasher: The Saudi Advanced Industries Co (SAIC) has signed a SAR 50 million sharia-compliant credit facility with The Saudi Investment Bank (SAIB).

The deal, signed on Sunday, 1 July, extends from the signing date until 30 June 2021, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

SAIC will use this loan to cover its investment expansion, as well as repay the remaining amount of a SAR 25 million loan given by Alawwal Bank, the statement added.

The Saudi firm further noted that the facility was obtained through promissory note and mortgage.

SAIC last reported a 50.29% growth in its profits to SAR 5.11 million in the first three months of 2018, compared to SAR 3.4 million in Q1-17.