Saudi Arabia’s Watani Iron Steel Co. (Watani Steel) has renewed a Sharia-compliant SAR 25 mln (USD 6.7 mln) banking facility with Alinma Bank to finance working capital.
The short-term facility runs from August 23, 2026, to August 31, 2027, and was renewed at the same value as the previous agreement. It is secured by a promissory note for the full facility amount.
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 has annual production capacity of 280,000 tons of billet and 320,000 tons of rebar.
1 USD / 3.75 SAR