Ajeej Steel secures USD 20 mln working capital facility

Saudi Arabia’s Ajeej Steel Manufacturing Co., a subsidiary of National Building & Marketing Co., has signed a five-month Sharia-compliant banking facility worth SAR 75 mln (USD 20 mln) with First Abu Dhabi Bank to finance working capital.

The facility is secured by a promissory note and guarantees covering liability and performance under the terms of the agreement, the company said.

Ajeej Steel has an annual production capacity of 150,000 tons per annum of billets through the induction furnace route.

1 USD / 3.75 SAR