Saudi Energy has secured a shariah-compliant Murabaha financing facility with a total committed amount of SAR15.8 billion from a consortium of seven leading Saudi banks to support its general corporate purposes.

The financing facility signed yesterday (July 27) has a tenure of seven years from the date of signing. The facility was arranged by Saudi National Bank (SNB), Al Rajhi Banking and Investment Corporation, Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF), Arab National Bank (ANB), Riyad Bank, and The Saudi Investment Bank (SAIB).

The SAR 15.8 billion financing facility will be utilised for general corporate purposes, providing Saudi Energy with additional financial flexibility to support its ongoing operations, strategic initiatives, and future business requirements.

The financing has been secured on an unsecured basis, with no guarantees offered in connection with the facility.

The agreement represents a significant financing arrangement for Saudi Energy and underscores the strong support of the Kingdom’s banking sector for the company’s business activities and long-term growth strategy.