Bahri has signed a Murabaha Revolving Credit Facility agreement of US$ 800mn (SAR 3bn) with Saudi Arabia’s Al Rajhi Bank. The move is aimed at supporting and strengthening Bahri’s financial position while covering the company’s working capital and CAPEX requirements.
The agreement was signed by Basil Abulhamayel, Chief Financial Officer, Bahri, and Hossam Al-Basrawi, General Manager Corporate Banking Group, Al Rajhi Bank, in the presence of other representatives from both organizations.
This agreement reflects the strategic partnership between Bahri and Al Rajhi Bank and supports Bahri’s development goals by enhancing financial liquidity and funding its operational and capital needs.
Leadership position
The move aligns with Bahri’s efforts to maintain its leadership position in the maritime sector on the regional and global levels, according to a press release.
The Murabaha Revolving Credit Facility agreement contributes to Saudi Arabia’s transformation into a global logistics hub, leveraging its unique geographical location, while supporting economic diversification and fostering the development of national talent.
“We anticipate will play a pivotal role in enhancing the efficiency of our operations and financial position, while delivering seamless shipping services that comply with the highest international standards,” stated Abulhamayel.
“This partnership reflects the bank’s commitment to supporting prominent companies and providing the necessary financial facilities to enhance their growth and sustainability,” commented Al-Basrawi.
