Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company has signed an agreement to obtain Sharia-compliant financing worth SAR 256.96 million from Riyad Bank.

Valid until 30 December 2024, these facilities will be used to finance the company’s new project, aiming to improve water networks in Al-Khobar city, according to a bourse filing on Thursday.

The company has offered promissory notes to guarantee the financing.

It is noteworthy to mention that Alkhorayef has been awarded four contracts worth SAR 1.85 billion to enhance water services in Saudi Arabia.