| Work Detail |
Three-year facility to support financial needs The National Environmental Recycling Company (Tadweeer), which produces metal from recycled scrap, has obtained a SAR 170 million ($45.3 million) bank facility. The three-year Shariah-compliant deal with Saudi Awwal Bank is expected to boost liquidity buffers and support other financial needs, Tadweeer said on Tuesday. Less than a quarter of the funds (SAR 35 million) will be used to finance working capital, while the remaining amount will be used as “bridge financing” and bank guarantee for another loan to be obtained from a government lending institution. The company recycles electronic and electrical equipment, cars and cables in the Middle East and North Africa region. |
