Saudi Arabia s Hail Cement Company has announced that it has agreed a loan from the Saudi Industrial Development Fund worth $80m (AR: 300m).

The company is using the loan to fund the development of a new cement factory in the city of Hail, according to a statement made by the firm earlier in 2012.

Hail Cement Company said that the loan will be paid off in 20 half-yearly instalments over a 12-year period, with the first repayment not due to be made until 2015.

The loan has been secured against the company s assets.