Zahrat Al Waha for Trading Company has renewed its Shariah-compliant credit facilities, valued at 240 million Saudi riyals ($63.97 million), with The Saudi Investment Bank (SAIB).

The renewed facilities will be valid from September 30, 2024, until June 30, 2025, the company said in a statement to the Saudi stock exchange on Monday.

The loan will be used to purchase and import raw materials for manufacturing, finance public investments, and support real estate investments.

The loan is backed by promissory notes covering the total value of the facilities and a mortgage on the company’s investment portfolio shares.

(Editing by Seban Scaria seban.scaria@lseg.com )