The agreements totaling $991.5M were signed with 13 domestic and international banks including National Commercial Bank, Riyad Bank, Saudi French Bank, Al-Rajhi Bank, Samba Financial Group, Alinma Bank, Arab National Bank, Saudi British Bank (SABB), Bank AlJazira, Saudi Hollandi Bank, Saudi Investment Bank, Emirates Bank and Export Development Canada.
Ma'aden Bauxite and Alumina Company is owned 74.9% by Ma'aden and 25.1% by Alcoa and consists of a bauxite mine and an alumina refinery costing $3.59bn.
About 60% of the total cost of the second phase ($2.15bn) is financed through the Public Investment Fund, Saudi Industrial Development Fund, financial institutions and commercial banks while the remainder ($1.43bn) will be financed through Ma'aden and Alcoa in line with their project ownership ratios.