Saudi cement firm inks Islamic finance deal
(10/12/2017 4:23:00 PM)
Saudi-based Umm Al-Qura Cement Company has signed a key Islamic financing agreement with Riyad Bank to secure a SR50 million ($13.3 million) loan.
The loan will be used for funding an increase in working capital as well as the capital purchases, the company said in a filing to the Saudi bourse Tadawul.
A major player in Saudi Arabia, Umm Al-Qura Cement Company manufactures and sells Portland and white cement products in the country. It also offers buzlana cement, resistant cement, and clinker, as well as provides cement finishing services.
It has a factory near Taif city with a production capacity of 1.98 million tons per year of clinker.