The Saudi Industrial Development Fund, a government institution, has agreed to provide Ma 'aden with two loans, each worth $160 million, claims Ma'aden.

The first loan is to Maaden Aluminium Co. and the second to Maaden Rolling Mill Co, a joint venture with Alcoa in which the international aluminium refiner holds a 25.1% stake.

The loans are to be repaid over six years in twice yearly instalments, with repayments starting in February 2015 for the first loan and in January 2016 for the second.

Together, both loans complete the financing requirements for the project.