Alinma Bank has been recognized for its role in the financing of the Saudi Electric Company’s SAR 9.5 billion Rabigh Independent Power Plant project, one of the first in the private sector to follow the Build-Own-Operate (BOO) paradigm. Project Finance magazine, a Euromoney publication, has named the deal “Middle East Power Deal of the Year” for 2009. Alinma participated as the Shariah-Compliant Structuring Bank and Joint Shariah-Compliant Documentation Bank, and was the lead financing institution. A number of other local as well as international banks also participated in the deal.
The Bank received the award for its role during a ceremony held on Thursday, March 4, 2010 at the Jumeirah Emirates Towers Hotel in Dubai.
Mr. Abdulmohsen Bin Abdulaziz Al Fares, the CEO of Alinma Bank, said on this occasion that the bank’s involvement in the deal and the subsequent award, represented the first fruits the bank’s efforts. “Alinma concentrates on contributing to infrastructure projects as well as providing the services and products that meet the needs of partners and citizens, including the financing of energy and housing projects,” said Al Fares. “The Bank has started such projects and the results are promising. This success will motivate us to exert more effort in order to achieve our vision that aims at making Alinma Bank the preferred financial partner for all of our partners.”
“The banking sector plays a key role in the national economy and performs a central role in the economic development of the Kingdom,” Al Fares added. “The Bank's participation in financing this project comes within the framework of its belief in its responsibility towards the country and in support of basic infrastructure and the economic progress in the Kingdom of Saudi Arabia.”
Project Finance magazine is a publication of the London-based Euromoney Institutional Investor PLC. Euromoney has a 35-year track record as a leader in the worldwide delivery of business information to the finance, law, energy and transport sectors.