The deal, arranged by Banque Saudi Fransi, is understood to be nearing financial close and will be used to help finance new power plants.

Last year the firm raised SR5bn ($1.3bn) from the sale of a sukuk.

In a statement to the stock market in late June, SEC comfirmed it was seeking to raise more finance. “These projects will be financed by company cash flows… in addition to other available financing means such as issuing sukuk and loans and taking advantage of facilities provided by international export banks.”