Saudi Arabia’s Maharah Obtains USD 362.5 Million Long-term Murabaha Financings from Al Rajhi Bank and Saudi British Bank

Saudi Arabia-based Maharah Human Resources Company (Maharah) has obtained long-term Murabaha financings from Al Rajhi Bank and Saudi British Bank (SABB) amounting to SAR 362.5 Million (USD 96.52 million) to fund the company’s upcoming purchases, as per a statement by the stock exchange on the 21st of August 2022.

Why it Matters?

The obtained financings comprise of a long-term loan of SAR 181.5 million (USD 48.32 million) from Al Rajhi Bank and a loan of SAR 181 million (USD 48.19 million) from SABB, with a seven-year term that includes a two-year grace period.

Details

Corporate promissory notes that cover the total cost of the facilities are used as collateral for the two transactions. Founded in 2013, Maharah...