Saudi Arabia's Al Kifah raises $160 million from Islamic facility

Al Kifah Holding, a family-owned Saudi firm, raised 600 million riyals ($159.99 million) from a syndicated Islamic loan facility, mandated lead arranger, Gulf International Bank (GIB) said in an e-mailed statement.
GIB, National Commercial Bank, Samba Financial Group and Banque Saudi Fransi acted as lead arrangers while GIB Capital, the investment arm of GIB, was the financial advisor to the building and construction materials producer on the murabaha facility. Saleh Al Afaliq, director of finance at Al Kifah said the loan will strengthen the company's balance sheet and facilitate its planned growth.