Saudi Electricity has announced the signing of a financing agreement in the amount of 15.2 billion riyals with six local banks, and a statement was read out by Namazoun on a copy of it, that this medium-term financing that took place at the company’s headquarters In Riyadh, it extends to seven years with a grace period that extends to two years, confirming that the huge financing was carried out without guarantees by the six local banks, which are the Al-Rajhi Investment Banking Corporation, the National Commercial Bank, the Saudi British Bank, the Saudi French Bank, the Samba Financial Group, and the Arab Bank Patriotism.

Mr. Fahd Al-Sudairy, CEO in charge of the Saudi Electricity Company, commented on the financing agreement, that this financing will contribute to the payment of some of the financial obligations of the company and enhance the reliability of service to the network Electrical, and it will contribute significantly to improving operational efficiency through pumping capital investments to keep pace with the growing demand for electrical services in all residential, industrial, governmental and commercial sectors, and also to keep pace with the great development witnessed by the Kingdom in all fields.

It is worth noting that, the profits of Saudi Electricity Company, which generates and distributes electricity in all regions of the Kingdom to 1785 million riyals by the end of 2018 at a rate of 74%, compared to profits 6908 million riyals achieved during the same period in 2017.