Saudi Maaden seeks finance for $7bn plant by year-end
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Saudi Maaden seeks finance for $7bn plant by year-end

Saudi Maaden seeks finance for $7bn plant by year-end

Saudi Arabian Mining Co (Maaden) has said it aims to complete the financing for a $7bn phosphate project by the end of this year, Reuters has reported. The cash will be used to fund the Umm Wual development at Waad Al-Shimal City in the north of the country, as well as connected infrastructure at Ras Al Khair on the eastern coast of the kingdom, Khalid Al-Rowais, vice president of finance at Maaden, told a conference in Dubai. "A sukuk is an option but the most important thing is to have the right balance to suit the project," Rowais said, adding talks were ongoing with its financial adviser on funding plans.

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