The agreements consisting of conventional and Islamic allocations totaling $991.5 million were signed with 13 local and international banks including National Commercial Bank, Riyad Bank, Saudi French Bank, Al-Rajhi Bank, Samba Financial Group, Alinma Bank, Arab National Bank, Saudi British Bank (SABB), Bank AlJazira, Saudi Hollandi Bank, Saudi Investment Bank, Emirates Bank and Export Development Canada.
Maaden Bauxite and Alumina Company is owned 74.9 percent by Maaden and 25.1 percent by Alcoa and consists of a bauxite mine and an alumina refinery with an approximate cost of $3.59 billion. Sixty percent of the total cost of the second phase ($2.15 billion) is financed through the Public Investment Fund, Saudi Industrial Development Fund, financial institutions and commercial banks while the remainder ($1.43 billion) will be financed through the project partners, Maaden and Alcoa in line with their project ownership ratios.
"The support of the banks and institutions demonstrates their firm confidence in the capacity of the project partners to successfully deliver this landmark project on time and within budget," said Maaden President & CEO Khalid Al-Mudaifer. "The agreements signed Sunday represent significant progress in the development of Maaden as a major new industrial presence in Saudi Arabia, creating jobs, regional development and providing the basis for the establishment of new downstream industries in the Kingdom."
"We are exceptionally pleased with the progress of the project with both phases now under construction and financing completed," added Ken Wisnoski, Alcoa vice president and president Alcoa Global Primary Products Growth. "This is fundamentally attributable to the strong relationships developed among the partner teams on every facet of the project, from safety on site, commitment to schedule and budget, to financing locally and internationally. This project truly represents a commitment to excellence throughout."
