Watani Iron Steel Co. (Watani Steel) has renewed Sharia-compliant credit facilities worth SAR 70.5 mln (USD 18.8 mln) with Bank Albilad, according to a stock exchange filing.
The renewed facilities will run from December 28, 2025, to December 11, 2026. Watani Steel said the agreement is secured by a promissory note in favor of the bank.
The company added that the facilities will be used to finance working capital requirements.
Founded in 2008 and converted into a closed joint-stock company in 2020, Watani Steel has been listed on the Nomu-Parallel Market since February 2021. The company’s annual capacity stands at 280,000 tons of billet and 320,000 tons of rebar.
1 USD / 3.75 SAR
