Red Sea International obtains $104.3mln loan from Riyadh Bank

The company will use the financing to issue bank guarantees for the project signed with Webuild to build a camp for employees, according to a bourse disclosure

Staff Writer, Mubasher

December 18, 2024

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Red Sea International Company has signed an Islamic financing agreement with Riyadh Bank at an amount of SAR 392.20 million.

The company will use the financing to issue bank guarantees for the project signed with Webuild to build a camp for employees, according to a bourse disclosure.

The facility deal, which was secured on 17 December 2024, is valid until 4 December 2027.

Webuild and Red Sea International teamed up to establish a staff camp serving the Trojena Dam project at NEOM at a value of SAR 658 million.

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