Saudi Awwal Bank Signs SR2 Billion Credit Facility Agreement with Saudi Binladin Group
In a groundbreaking move, Saudi Awwal Bank (SAB), a powerhouse in the Saudi Arabian banking sector, has inked a monumental SR2 billion credit facility agreement with the prestigious Saudi Binladin Group. This subsidiary of Binladin International Holding Group will utilize the funds to fuel the development of the illustrious King Fahd Sports City in Riyadh.
The official signing ceremony, held at the iconic SAB Tower in Riyadh, marked the formalization of this transformative agreement. The event served as a testament to the strategic significance of this collaboration, poised to deliver large-scale infrastructure projects that are in perfect alignment with the nation’s strategic goals.
By joining forces, the partnership between SAB and the Binladin Group seeks to bolster the financial capabilities of the latter to undertake major projects that adhere to international standards. Moreover, this collaboration underscores SAB’s unwavering commitment to bolstering the Kingdom’s construction sector and actively contributing to the ambitious Vision 2030 agenda by financing groundbreaking developmental initiatives.
With a rich history spanning over 90 years in the Kingdom, Saudi Awwal Bank has firmly established itself as one of the largest and most influential banks in Saudi Arabia. The bank has consistently played a pivotal role in supporting the nation’s economic growth and social development endeavors.
Renowned for its top-notch corporate and institutional international banking services, SAB also boasts a stellar Wealth & Personal Banking proposition. The bank holds a leading position in various domains such as trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, setting the benchmark for innovation and excellence in the region.
Offering a comprehensive suite of financial and banking services including corporate banking, investment, private banking, and treasury, SAB’s paid-up capital stands at an impressive SR20.5 billion. Following its legal merger with Alawwal Bank in March 2021, SAB—formerly known as the Saudi British Bank (SABB)—operates as a licensed financial institution under the regulatory purview of the Saudi Central Bank and stands as a proud partner of the esteemed HSBC Group.
