Al Khodari arranges loan deals worth almost $272m
Contractor renews $219.8m of funds and agrees a new $45.3m deal
Abdullah AM Al-Khodari & Sons has agreed two financing deals worth almost SR1bn ($272m).
The company has renewed an existing agreement with Riyad Bank worth SR824.3m ($219.8m). The loans have been backed by promissory notes and future contract revenues of financed projects.
The financing is renewable in September 2016, but credit limits will mature over the lifespan of the projects financed, which will last between two and five years.
Al Khodari has also signed a new deal with Saudi Investment Bank for Islamic credit facilities worth SR170m ($45.3m).
The agreement lasts until the end of April, but credit on financed projects will run for 2-3 years.