The Tadawul All Share Index lost for the second day straight, closing down by 0.47 per cent at 8,481.59 points on Wednesday, December 25. Saudi Arabian Mining Company (Ma’aden) slipped by 0.31 per cent to SR32.10. Earlier in the day, Ma’aden, which hit an eight-month high on December 19, said it has received financing commitment letters from local, regional and international banks and financial institutions for up to SR15.75 billion ($4.2bn) in order to fund the development and construction of Ma’aden’s Waad Al Shamal Phosphate Project. “The loans will be for a period of 17 years and will be repaid in half yearly installments starting from December 31, 2018,” said Ma’aden in a statement to the bourse. These aforementioned commitments represent the financing portion from commercial banks and financial institutions. The remaining debt funding will be secured from the Public Investment Fund, the Saudi Industrial Development Fund and Export Credit Agencies, and it is expected to obtain all the commitments by end of January 2014. The partners and the project financial advisor, expect to sign definitive financing agreements in the second quarter of 2014. Ma’aden, The Mosaic Company and SABIC will own 60 per cent, 25 per cent and 15 per cent of the joint venture developing Waad Al Shamal Phosphate project respectively. SABIC lost 0.90 per cent, hitting SR110.