Alinma Bank has signed a Murabaha financing agreement with Bahri, a global leader in maritime transport and logistics services, to secure funding necessary for the modernization of its fleet.
The signing ceremony took place at Bahri's headquarters, with Alinma Bank represented by the Head of Corporate Banking Group, Jamal Naif AlHamdan, and attended by the bank's CEO, Abdullah Ali AlKhalifa. Representing Bahri was the Chief Financial Officer, Basel Abulhamail, along with the CEO and Board Member, Ahmed Ali Al-Subaie.
In regard to the agreement, the Head of Corporate Banking Group, Mr. Jamil bin Naif Al-Hamdan, stated: "Building on our strategic relationship with Bahri, we are proud to finance the acquisition of several key vessels for the company, supporting the Kingdom's logistics services in alignment with Saudi Vision 2030 and our strategic initiatives to enhance Alinma Bank’s position as a provider of comprehensive banking services."
Commenting on the agreement, Basel Abulhamail, CFO of Bahri, said, "We are proud to partner with Alinma Bank to finance one of our critical initiatives for fleet modernization. This agreement will strengthen our financial capabilities, improving the competitiveness of our fleet and enhancing the company's revenues and profitability. This aligns with our long-term strategic goals and our commitment to support Saudi Vision 2030, making the Kingdom a leader in global logistics and maritime transport."
Under the terms of the financing agreement, Alinma Bank will provide Bahri with credit facilities totaling $756 million (SAR 2.835 billion) to partially fund the purchase of nine modern oil tankers. This initiative aims to streamline the gradual phase-out of older vessels in the current fleet and enhance Bahri’s position as a global leader in logistics and maritime services.