SAUDI ARABIA: Ma’aden Bauxite and Alumina Company has signed financing agreements with 13 banks to fund the second phase of the Saudi Arabian Mining Company and Alcoa’s US$10.8 billion integrated smelter and rolling mill complex.
The financings include a combination of conventional and Islamic allocations totaling US$991.5 million. Alinma Bank, Al Rajhi Bank, and Bank AlJazira were involved with the Islamic transactions.
Ma’aden Bauxite and Alumina Company is owned 74.9% by Saudi Arabian Mining Company and 25.1% by Alcoa.