Red Sea signs SAR 392M credit facility with Riyad Bank

Red Sea International Co. (RSI) signed a Shariah-compliant credit facility agreement with Riyad Bank for SAR 392 million, according to a statement to Tadawul.

The facilities aim to issue bank guarantees for the project signed with Webuild SpA to build an employee camp.

The guarantees provided include a performance bond valued at SAR 397.22 million, issued by the company.

The facilities are valid from Dec. 4, 2024, to Dec. 4, 2027, the statement pointed out, adding that there are no related parties to the deal.