Umm Al-Qura Cement secures US$13.3m bank loan

Umm Al-Qura Cement Company of Saudi Arabia has signed a key Islamic financing agreement with Riyad Bank to secure a SAR50m (US$13.3m) loan.

The loan will be used for funding an increase in working capital as well as the capital purchases, the company said in a filing to the Saudi bourse Tadawul.

 The company has a factory near Taif city with a clinker production capacity of 1.98Mta.