Middle East Economic Survey

VOL. LIII

No 51

20-Dec-2010

SAUDI ARABIA

SEC Finalizes $1.33Bn Islamic Financing With Local Banks

State-controlled Saudi Electricity Company (SEC) finalized a SR5bn ($1.33bn) Islamic financing with four local banks to fund power projects in the kingdom, the company said on 13 December. The banks that provided the 15-year sharia-compliant financing (murabaha) are the National Commercial Bank, Saudi British Bank, Samba Financial Group and Banque Saudi Fransi. The...