The Power and Water Utility Company for Jubail and Yanbu (Marafiq) has signed a loan agreement worth SR1.56 billion ($415.7 million) with the Saudi Industrial Development Fund (SIDF), a report said.

The loan will be used to develop several projects of the company in the Jubail and Yanbu industrial cities, Abdullah bin Khalifa Al Buainain, chief executive officer of Marafiq was quoted as saying the Saudi Gazette report.

The projects include industrial water schemes at the facilities of Sadara Company in Jubail and the expansion projects of Marafiq Power Plant in the Yanbu 2, according to the report.