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Alinma mulls Saudi funding opportunities

Riyadh, July 11, 2009

Saudi-based Alinma Bank is considering new financing opportunities in the kingdom after it led a consortium in the funding of a $2.5 billion power plant, its chief executive said on Saturday.

'There are a number of projects that Alinma Bank contributed to and is currently looking at funding other projects like King Abdullah Financial Center among others,' Abdulmohsen al-Fares told Reuters. He gave no details.

The 1.6 million square meter King Abdullah Financial District of the capital Riyadh aims to create a financial hub for banks, the stock exchange and its regulatory authority.

Alinma is leading a consortium of banks to fund the Rabigh power plant which state utility Saudi Electricity is setting up to meet rising power demand. Fares reiterated that the bank wanted to open 15 branches within two weeks.-Reuters




Tags: Funding | opportunity | Alinma |

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