Sunday 30 November 2014
On 30 November 2014 Marafiq signed a SAR 2.5 billion long-term Murabaha facility transaction with five Saudi banks. The facility will be used to partly finance Marafiq's ambitious capacity expansion plans, which will be vital to serve different projects in the two industrial cities of Jubail and Yanbu.
The facility was arranged by HSBC Saudi Arabia, and the participating banks are SAMBA, SABB, Riyad Bank, Al Rajhi, and National Commercial Bank.
Abdullah Al-Buainain, Marafiq’s CEO, said “we are very happy with the achievement we have realized with the help of our partners in the financial sector. The support Marafiq received from the participating banks underlines the credibility and the trust our company enjoys in the market.”
Fahad Al-Saif, Managing Director HSBC Saudi Arabia, added “Having worked with Marafiq through multiple loan and capital market transactions, we are gratified by the support received for this facility. HSBC is proud to be associated with Marafiq who notably contributes towards the development of the industrial platform in Saudi Arabia.”
Marafiq issued its debut SAR 2.5 billion Sukuk in 2013, which attracted strong demand from the investor community in KSA. The previous syndicated Murabaha facility transaction by Marafiq was for SAR 4.5 billion, completed in 2012.