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Saudi firm signs murabaha financing deal

The Saudi National Shipping Co (Bahri), which last month bought Saudi Aramco's marine unit for $1.3bn, has signed a murabaha financing agreement with the Public Investment Fund (PIF) to finance part of the total construction cost of building two General Cargo vessels at Hyundai Mipo Dockyard in South Korea, Saudi Gazette has reported. The two vessels are part of the contract signed in March 2011 for the construction of six General Cargo vessels which will be received in sequence starting from early 2013.