Saudi: Al Khodari wins $18.4m maintenance contract
Under the 36-month contract, Al Khodari will provide maintenance for the Saudi water networks and their ancillaries
Saudi Arabia-based contractor, Abdullah Abdul Mohsin Al Khodari and Sons, won a $18.4m (SAR69m) contract from the kingdom's Ministry of Environment, Water and Agriculture.
Under the 36-month contract, Al Khodari will provide maintenance for the Saudi water networks and their ancillaries, it said in a statement.
The financial impact of this project started during the third quarter of 2016.
In another development, Al Khodari has renewed its existing agreement with Al Bilad Bank for Islamic credit facilities worth $33.1m (SAR124.4m).
The purpose of these facilities was to provide bonding commitments and fund the working capital and capex requirements of the company. About 42% of the facilities are funded under Murabaha modes of financing, whereas 58% limits are for multi-purpose bonds.
The credit agreement expires on 11 October, 2017, with the credit limits maturing over the contractual lives of the financed projects, which ranges between 24 to 36 months.