Mubasher reported that Riyadh based Saudi Arabian steel maker Watania Steel has renewed and amended a Sharia-compliant credit facility agreement worth SAR 60 million with Bank Albilad. The loan term began on 7 September 2022 and will end on 1 September 2023. The facility agreement is secured by a promissory note with the value of the facilities in favor of the bank. The loan aims to finance the steel company’s working capitalFurthermore, Watani Iron Steel renewed a short-term SAR 60 million credit facility agreement to finance its working capital, with a lower profit rate for the current year, compared to a year earlier, whilst maintaining a promissory note with the value of the facilities in favor of the bank only.Watania Steel is also planning to list its shares on Saudi Arabia's main market by 2024 after expanding its production capacity. The company recently announced the launch of a new production line to double output to 750,000 tonnes per annum of steel rebarsWatania Steel was established in 2008 to produce rebar that meets the growing demand in the Kingdom. The firm produces billet and rebar ranging from 12-32mm in diameter. Watania Steel caters to several mega projects in the Kingdom, including King Salman Park and Diriyah Gate projects. It will also supply 20% of its production to NEOM mega city over the coming period.