Korea Eximbank said a short while ago that it had received a request from the Saudi Electricity Company for a $1.2 billion loan, and that the bank had approved the request.

It has become customary since the severe financial crisis that hit Saudi Arabia for Saudi Crown Prince Mohammed bin Salman to request loans in the names of Saudi state-owned companies to fund his spending and troubled projects.

Bin Salman’s difficult financial circumstances reached a peak when he put Aramco’s properties up for sale, including employees’ flats and houses.

It is worth noting that Saudi Electricity Company is one of the major companies generating substantial net profits and has no need whatsoever for financing or loans. However, like other state-owned companies, its revenues have dried up as its profits have been transferred immediately to fund Bin Salman and his troubled projects.