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Mon 2 Jan 2017 06:44 PM

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Saudi's Yamama Cement secures $266m funds for new plant

Company plans to build new facility with daily production capacity of 20,000 tonnes of clinker

Saudi's Yamama Cement secures $266m funds for new plant
(Image for illustrative purpose only)

Saudi Arabia's Yamama Cement Company has secured 1 billion riyals ($266.6 million) in Islamic financing to partially fund the building of a new factory, it said on Monday.

The three-year financing includes 750 million riyals from National Commercial Bank and 250 million riyals from Samba Financial Group, it said in the statement.

The company signed a 4.2 billion riyal contract with Germany's ThyssenKrupp Industrial Solutions in November 2015 to build the plant, it said at the time. It will be located 100 kilometres outside the Saudi capital Riyadh, with daily production capacity of 20,000 tonnes of clinker.

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