Main Menu
  • The Bank
  •   >  
  • News
  •   >  
Alinma Web Content Viewer
Alinma Bank Provides International water Distribution Company with SAR 260 Million in Financing

Alinma Bank Provides International water Distribution Company with SAR 260 Million in Financing

6 Ramadan 1431 H - 16 August 2010 G

Alinma Bank has announced that it has signed a financing agreement with the International water Distribution Company, which specializes in the establishment and operation of water systems, processing and sanitation. Through the agreement Alinma will provide SAR 260.8 million in financing for the establishment and development of the company’s projects in three industrial cities in the Kingdom.

The agreement was signed by Eng. Emad Al-Butairi, General Manager of Corporate Banking at Alinma Bank, and Eng. Mohamed Ben Salem Al Rihaly, Managing Director of the International water Distribution Company. The signing ceremony was held at the head office of Alinma Bank in Riyadh.

Speaking on the occasion, Mr. Butairi said the agreement represented yet another of the bank’s continuing efforts to support infrastructure projects in the Kingdom, to support the development of Shariah-compliant financing, and to foster Saudi Arabia’s economic development.

The International water Distribution Company is a leading Saudi company in the provision of water services and management. The company was founded as a joint venture between Omi Water, a company owned by Amiantit Group, and the Saudi Company for Industrial Services (Sisco). The new company reflects the experiences of the former in managing water projects and the latter in managing the services of industrial cities.

Additionally, it should be noted that the new company is the first of its kind in the Middle East and the projects undertaken by the company include the rehabilitation, operation, management and maintenance of drinking water facilities in Jeddah, Riyadh and Qaseem. The Jeddah facility has already commenced operations the Qaseem facility is expected to gradually come online by the end of the year.

Alinma Bank is a Saudi joint stock company founded with SAR 15 billion in capital. It provides financing services commensurate with the needs of businesses and individuals across 26 branches for both men and women in Riyadh, Jeddah, Dammam, Madinah, Taif, Khamis Mushayt, Al-Ahsa, Hofuf, and Jubail. Further branches are under construction in Riyadh, Dammam, Jeddah, Makkah, Buraidah, Onaiza, Hail, Arar, Tabuk, Najran, Al-Kharj, Al-Ahsa and Hafr Al-Batin. Alinma also serves its partners through a range of convenient, 24-7 electronic channels including Alinma Internet (www.alinma.com), Alinma Mobile, Alinma Phone (8001208000) and Alinma’s ATM network.

Complementary Content
${loading}