Saudi Arabia’s Yamama Cement Co has signed a financing agreement with Al Rajhi Bank for a value of SAR863m (US$229.81m), including a SAR563m long-term facility and SAR300m in short-term financing.

The long-term financing is over a period of five years and is expected to settle other banks’ obligations and improve financial efficiency, while the short-term facility is for one year and will finance Yamama Cement’s working capital.