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Saudi utility company, Marafiq, gets $1.2b loan.

HSBC and Banque Saudi Fransi have helped arrange a $1.2bn loan for Saudi utility company Marafiq.

The Islamic finance Murabaha loan will be used for projects and operations.

In August 2010, Marafiq received a 15-year $667m Murabaha loan, which had banks like Arab National Bank, Banque Saudi Fransi, National Commercial Bank, Samba Financial Group, Saudi British Bank (SABB) and Saudi Hollandi Bank on board.

According to Saudi Electricity Company, Saudi Arabia's demand for reliable electricity is increasing at a rate of 8% a year. Saudi Arabia, which has an installed capacity of 44,000 megawatts, is expected to need about 70,000 megawatts of power by the year 2020.

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Publication:Construction Week
Date:Feb 16, 2012
Words:127
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