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Saudi Electricity inks $667mn Islamic finance deal

The riyal tranche would have a three year tenor and was signed with local lenders National Commercial Bank and Samba Financial Group

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Saudi Electric, Saudi Electricity Company, Sec, News

Saudi Electricity said on Wednesday it had signed the riyal-denominated tranche of a murabaha credit facility worth up to $666.8 million.

It said in the bourse statement the other tranche would be denominated in dollars, without giving further details.

The riyal tranche would have a three year tenor and was signed with local lenders National Commercial Bank and Samba Financial Group, it added.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards. Reuters

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