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Saudi cement firm inks Islamic finance deal


Saudi-based Umm Al Qura Cement Company has signed a key Islamic financing agreement with Riyad Bank to secure a SR50 million ($13.3 million) loan.

The loan will be used for funding an increase in working capital as well as the capital purchases, the company said in a filing to the Saudi bourse Tadawul.

A major player in Saudi Arabia, Umm Al Qura Cement Company manufactures and sells Portland and white cement products in the country. It also offers pozzolanic, sulphur-resistant cement, and clinker, as well as provides cement finishing services.

It has a factory near Taif city with a production capacity of 1.98 million tonnes per year of clinker.-TradeArabia News Service

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