RIYADH: Saudi Arabia’s Alkhorayef Water and Power Technologies Co. has secured a loan worth SR295 million ($79 million) from Riyad Bank on Wednesday. The Shariah-compliant agreement aims to finance future projects and ventures, the company said in a statement to the Saudi bourse. With the deal extending until the end of 2024, Alkhorayef Water will use the proceeds to “issue all types of governmental and non-governmental financial guarantees,” it added. The company closed contracts valued at more than $266 million during the first ten months of 2021, CEO Rami Mousilli revealed to CNBC Arabia in October. This included deals with Riyadh Airports Co., Jeddah Municipality, and the Zakat and Tax Authority, with the contracts extending from 3 to 7 years, he said.