MARAFIQ inks deals with SNB, BSF, SAB to reschedule SAR 5.9B loans

Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) signed today, Nov. 24, bilateral agreements to reschedule its existing Islamic loans worth SAR 5.9 billion with Banque Saudi Fransi (BSF), Saudi Awwal Bank (SAB), and Saudi National Bank (SNB).

In a Tadawul statement, MARAFIQ said the deals are to extend the previously agreed payment grace period by an three additional years, with repayment commencing in June 2028 instead of June 2025. This also includes maintaining the original financing period that ends in December 2034.

The agreements aim to support the company’s financial position and improve cash flows, contributing to its strategic objectives.

There is no change to the previously agreed term that ends in December 2034, the statement said, noting that no related parties are involved.