Saudi Awwal Bank signs SR2 billion credit facility with Saudi Binladin Group

25/04/2025 02:50 AST

Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group, to finance the development of King Fahd Sports City in Riyadh.

The agreement was formalized during an official signing ceremony held at SAB Tower in Riyadh. The event underscored the strategic importance of this collaboration in delivering large-scale infrastructure aligned with national goals.

The partnership aims to enhance the Binladin Group's financial capacity to execute major projects that meet international standards. It also reflects SAB's commitment to supporting the Kingdom's construction sector and contributing to Vision 2030 by financing transformative development initiatives.

Saudi Awwal Bank is one of the largest banks in the Kingdom and traces its origins in Saudi Arabia to more than 90 years, during which time it has been an active partner supporting the Kingdom's economic growth and social development. SAB is one of the leading corporate and institutional international banks in the Kingdom, with a top Wealth & Personal Banking proposition. SAB is also a leader in Saudi Arabia and the region in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, paving the way for transformation and excellence.

SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury. SAB's paid-up capital is SR20.5 billion, after the legal merger with Alawwal Bank on 14th March 2021, when it was legally known as the Saudi British Bank (SABB). Saudi Awwal Bank is a licensed financial institution operating under the supervision of and regulated by the Saudi Central Bank and a partner of the HSBC Group.

Saudi Gazette