RIYADH: Saudi Arabia’s Alkhorayef Water and Power Technologies Co. has secured a loan worth SR315 million ($84 million) from Al Rajhi Bank to finance water projects in Dammam. 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 for three years, Alkhorayef Water will use the proceeds to fund initiatives aimed at improving water networks in Dammam. In February, the company obtained a SR295 million loan from Riyad Bank for the purpose of issuing all types of governmental and non-governmental financial guarantees.