Saudi Basic Industries Corporation (SABIC), which is one of the world's leading manufacturers of chemicals, fertilizers, plastics and metals, has announced the signing of a $1 billion Islamic loan with Deutsche Bank to help fund future projects. A statement from the company said, "Under this deal, SABIC will be able to outsource banking facilities to finance part of its expansion projects and future investments."
SABIC also said that it has total current expansion projects valued at between $25 and $29 billion.
SABIC is 70 percent owned by the Saudi government, with the remaining 30 percent held by private investors in Saudi Arabia and other countries of the Gulf Cooperation Council.