Saudi Ground Services Signs SAR 500 Million Murabahah Agreement with Saudi British Bank
July 09, 2020
The Saudi Ground Services Company (SGS), Saudi Arabia’s leading aviation ground handling services company, signed a SAR 500 million (USD 133.3 million) Shariah-compliant Murabahah financing agreement with Saudi British Bank (SABB) on the 7th of July 2020.
According to a statement released on Tadawul, the credit facility, which was guaranteed by a promissory note, had a 30-month duration, and was required to support cash liquidity to cover working capital for operations. The loan would help mitigate the impact of the COVID-19 pandemic on SGS’s working capital requirements, whilst also enabling expansion and improvement of services.
The statement noted that the SGS Chairm...