Tadweeer secures $45mln from Saudi Awwal Bank
Deal News | Feb 05, 2025 | Zawya
Tadweeer, The National Environmental Recycling Company, has announced securing a sizeable SAR 170 million ($45.3 million) bank facility from Saudi Awwal Bank. This three-year, Shariah-compliant financial arrangement aims to bolster the company's liquidity position and address emerging financial requirements. Tadweeer, known for recycling electronic and electrical waste, end-of-life vehicles, and cables across the Middle East and North Africa, intends to utilize SAR 35 million of this funding for working capital purposes. The majority of the funds will be allocated as bridge financing and a bank guarantee for a forthcoming loan from a governmental lending agency.
Sectors
- Recycling and Waste Management
- Banking and Finance
Geography
- Middle East and North Africa (MENA) – Tadweeer operates primarily in the MENA region, and the financial transaction involves regional players.
- Saudi Arabia – Saudi Awwal Bank, the financial provider in the article, is a Saudi-based entity contributing to the financial operations of Tadweeer.
Industry
- Recycling and Waste Management – The article is centered around Tadweeer, a company involved in recycling electronic and electrical waste, vehicles, and cables.
- Banking and Finance – Saudi Awwal Bank is involved in providing a financial facility to Tadweeer, indicating the financial and banking industry's role in supporting business operations.
Financials
- $45.3 million – Total amount secured by Tadweeer from Saudi Awwal Bank under the Shariah-compliant bank facility.
- SAR 35 million – Portion of the secured funds used for financing working capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Tadweeer (The National Environmental Recycling Company) | Recipient of the bank facility | Company | A company producing metal from recycled scrap, involved in recycling electronic and electrical equipment, cars, and cables in the MENA region. |
| Saudi Awwal Bank | Provider of the bank facility | Company | A Saudi-based banking institution providing a Shariah-compliant financial facility to Tadweeer. |
| Cleofe Maceda | Writer | Person | The individual credited with writing the article. |
| Seban Scaria | Editor | Person | The individual credited with editing the article. |