Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company has signed a Sharia-aligned financing agreement with Riyad Bank at a total value of SAR 295 million on 23 February.

The Islamic loan is valid until 30 December 2024, guaranteed by a promissory note, according to a bourse disclosure.

The company aims to use the funding in issuing different governmental and non-governmental financial guarantees, letters of credit, and invoice financing for projects.

It is noteworthy to mention that on 8 February, Alkhorayef Water inked two deals with the National Water Company (NWC) at a total value of SAR 77 million.