Riyadh, Asharq Al-Awsat- The Saudi Basic Industries Corporation (SABIC) and Deutsche Bank signed today a US$ one billion Murabaha agreement. Under this deal, SABIC will be able to make use of various funding facilities to finance part of its expansion projects and future investments.
This Murabaha agreement comes as SABIC diversifies its funding sources and selects the financing facilities that best suit its business strategy.
SABIC’s profit rose to a record SR 19.2 billion (US$ 5.1 billion) in 2005, a 35% increase on 2004 and the company’s highest profit since inception. Sales revenues for 2005 totaled SR 78.3 billion (US$ 20.8 billion), making SABIC the largest and most profitable public company in the Middle East.