Saudi Electricity secures $2.4 billion syndicated loan

State-controlled utility Saudi Electricity Company has agreed on a 2.4 billion syndicated Islamic loan with local banks.

The seven-year, unsecured facility has a murabaha structure, a cost-plus-profit arrangement that complies with Islamic finance standards, and will be used for general corporate purposes, including capital expenditure. The financing was provided by National Commercial Bank, Bank Albilad, Al Rajhi Bank, Riyad Bank, Samba Financial Group, Banque Saudi Fransi and Saudi British Bank.