Sahara Petrochemical Co. on Tuesday signed a long-term loan agreement with Saudi British Bank (SABB) for SR500 million.
The purpose of the loan, whose duration runs up to July 23, 2026, is stated to be to finance the total cost of 280 units of the housing project for Sahara Petrochemical Company and its affiliate employees based on human resource policies in Jubail Industrial City.
The loan is to be paid back from deductions from beneficiary employees. This will be done by deducting their housing allowance and a specific percentage from their basic salary. Housing and development costs are to be borne by the company and its affiliates, the statement says.
The loan guarantee is in the form of 'order notes' and the 13-year loan duration is with a three-year grace period.
Reproduced with permission from Arab News