ALKHOBAR, 28 October 2004 — Samba Financial Group and Saudi Hollandi Bank announced the signing of the Islamic financing agreements with Gulf Farabi Petrochemical Company Ltd. at a ceremony held here yesterday.
This Islamic financing is to finance 29 percent of cost for its N-Paraffin (NP) and Linear Alkyl Benzene (LAB) projects, which are being constructed at Jubail Industrial City. The aggregate capital cost of the project is estimated at SR1.22 billion. The project is expected to be commissioned by the first quarter of 2006. Samba was represented at the signing ceremony by Tirad Mahmoud, general manager, corporate and investment banking group, and Mousa Al Mousa, corporate and investment banking group Eastern Region head of Samba Financial Group.