Hail Cement signs loan agreement, Saudi Arabia

Saudi Arabian cement company Hail Cement announced that it has signed a loan agreement with the Saudi Industrial Development Fund on 12 December 2012.

The loan amount is SAR300m (US$80m) repayable in 20 half-yearly unequal installments as scheduled and approved against mortgage of all fixed assets. The period of the loan is 12 years, with payment starting 2015.

The company is using the loan to fund the development of a new cement factory in the city of Hail, according to a statement made by the firm earlier in 2012.