MMG signs SR 450 million loan deal with local banks

The Dammam-based Mohammad Al-Mojil Group (MMG) has signed a new credit facility agreement worth SR 450 million with seven local banks.
At a ceremony in Riyadh on Saturday, MMG and seven banks inked the agreement that will help the company in maintaining its cash flow and support its operational activities at several projects spread across the Kingdom.
The agreement was signed in the presence of the representatives of the participating banks as well as MMG's CEO Stewart Macphail and Vice President Mohammed Mohsen Al-Harbi.
Adel M. Al-Mojil, chairman of the board of directors of MMG, expressed gratitude for the support provided by the banks involved in the credit facility.
MMG is a key player in the Kingdom's highly technical and intensive energy supply process for almost all of the economic lifespan of the Saudi energy sector. Laced with success and strong market credibility, the company went public in March 2008.
It is a pioneer in the construction sector in the Kingdom. In addition, it also specializes in project management, onshore and offshore, in the oil and gas, and petrochemical sectors.
MMG, which has projects spread all over the Kingdom, provides services to major international companies in the field of industrial and civil construction, as well as equipment supplies and maintenance.
Since its inception five decades ago, MMG carries an excellent reputation in safety and quality and in meeting its schedule in the completion of projects.
It is worth mentioning here that MMG has more than 15,500 employees across the Kingdom along with more than 3,000 heavy construction equipment and a moderate fleet of vessels for offshore projects.