Sunday 23, September 2018 by Kudakwashe

Saudia Cargo secures SAR 1.2 billion Islamic loan

 

The proceeds will fund the expansion of Saudi Airlines Cargo Company's facilities at King Abdul Aziz International Airport in Jeddah and King Khalid International Airport in Riyadh.

Saudi Arabian Airlines (Saudia)'s cargo unit has signed a SAR 1.2 billion ($320 million) Islamic loan.

The loan was provided by HSBC, the Saudi British Bank and Al Rajhi Bank, while Clifford Chance and Saudi-based Abuhimed Alsheikh Alhagbani Law Firm (AS&H) advised the banks on the deal.

The state-owned Saudia was considering listing shares in its cargo business as part of a privatisation plan, reported Reuters.

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