According to an announcement posted on Tadawul, the Saudi Arabian Mining Company has signed a SAR 9 billion murabaha Islamic loan deal for a period of five years with a number of banks,.

The report said that the company decided to increase the loan value of SAR 7 billion to SAR 9 billion to have more financial flexibility to fund its future projects and meet other financial requirements.

It said that the deal, secured by 11 banks, was oversubscribed 2.5 times, which demonstrated the banks’ trust in Maaden’s credit worthiness.

The subscribing banks are National Commercial Bank, Samba Financial Group, Banque Saudi Fransi, Riyad Bank, Saudi British Bank, Al-Rajhi Bank, Bank Al Jazeera, JP Morgan Chase & Co, Arab National Bank, Bank Al Bilad and Saudi Investment Bank.