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Saudi fund grants two loans to Alsorayai Group
31
Oct '11
Saudi Industrial Development Fund (SIDF) has granted two loans worth SAR 36.4 million to Alsorayai Trading and Industrial Group, a public joint stock company and one of the leading manufacturers and exporters of carpets and rugs in the world.

The Group plans to utilize the first loan of SAR 15 million towards development and expansion of Alsorayai Carpet Factory. The project is included in the fourth phase of the First Industrial City in Jeddah.

An amount of 21.4 million sanctioned under the second loan is for Jeddah Industrial Yarn Factory (JIYFCO) expansion project.

The tenure of the loans will be six years and will be repaid in half-yearly installments starting Shawwal 1434 Hijri, Saleh Al Sorayai, Managing Director of Alsorayai Group said. He added that that the loans have been granted on the basis of guarantee of assets of the two expansion projects.

Fibre2fashion News Desk - India

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