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Red Sea Bank Subsidiary Boosts Credit to Al-Ahly
Al Marrih Red Sea Company announced an amendment to the financial facilities agreement of its subsidiary, Al Turkiyat Al Olayah for Electrical Works. The bank facilities increased from 200 million SAR to approximately 430.8 million SAR. This increase aims to support the company's operations and finance its engineering and construction projects. The facilities enable the issuance of guarantee letters and opening of documentary credits, backed by financial and personal guarantees from multiple companies and institutions. The funding was obtained on July 28, 2026, and is intended to enhance the company's ability to execute major contracts and improve its cash flows in the local market.
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