Saudi Electricity said on Wednesday it had signed the riyal-denominated tranche of a murabaha credit facility worth up to 2.5 billion riyals ($666.8 million).

It said in the bourse statement the other tranche would be denominated in dollars, without giving further details.

The riyal tranche would have a three year tenor and was signed with local lenders National Commercial Bank and Samba Financial Group, it added.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.-Reuters