Saudi National Bank (SNB) and Abdullah Al-Othaim Investment Company (AUC) announced the signing of a Shariah-compliant credit facility agreement worth SAR 3.06 billion, aimed at supporting the company's expansion plans, financing its diversified projects, and enhancing its strategic assets.
The signing ceremony took place in Riyadh, in the presence of Mr. Abdullah Al-Othaim, Chairman of the Board of Directors of Abdullah Al-Othaim Investment Company and Mr. Tariq Al-Sadhan, CEO of the Saudi National Bank. The agreement was signed by Mr. Nasser Al-Fraih, Head of Corporate Banking Group at SNB, and Mr. Bandar Al-Buhairi, CEO of Abdullah Al-Othaim Investment Company, in the presence of representatives of both parties.
Mr. Nasser Al-Fraih stressed that this agreement reflects SNB's commitment to supporting leading national companies that contribute to strengthening the national economy, by providing innovative financial solutions that meet the needs of strategic sectors and contribute to achieving sustainable development, in line with the objectives of the Kingdom's Vision 2030. He added that the partnership reflects the mutual trust between SNB and Abdullah Al-Othaim Investment Company, and enhances the bank's role in supporting prominent companies to achieve economic growth.
For his part, Mr. Bandar Al-Buhairi explained that the agreement represents a pivotal step in the march of Abdullah Al-Othaim Investment Company towards expanding the scope of its projects and enhancing the growth of its business. He praised the active role of the Saudi National Bank in enabling national companies to achieve their ambitious goals, by providing integrated financing solutions that support financial sustainability and investment expansion.
This joint cooperation reflects the commitment of the Saudi National Bank and Abdullah Al-Othaim Investment Company to support the investment sector in the Kingdom and strengthen national partnerships aimed at driving economic growth, thus contributing to consolidating the Kingdom's position as a regional and global investment center
