Riyadh Steel Signs SAR 10 Million Facility Agreement with Saudi Awaal Bank

Riyadh Steel Co. announced on Tuesday the signing of a short-term bank facility agreement (compliant with Islamic Shari’ah provisions) with Saudi Awaal Bank, which includes working capital financing facilities, worth 10 million riyals for one year, to finance working capital.

The company said in a statement that the guarantees provided for Finance are represented in the facility agreement, secured by a promissory note with the value of the facilities in favor of the bank.