Alinma Bank & KAEC Sign Financing Agreement

Alinma Bank & KAEC Sign Financing Agreement

17 Sha'aban 1436 - 04 June 2015 G

Alinma Bank and the King Abdullah Economic City (KAEC) have signed an agreement through which Alinma will provide KAEC with SAR 1.25 billion in financing that will fund infrastructure for the “Industrial Valley” within KAEC. The project, which currently includes 80 factories, will, thanks to the financing agreement, be able to expand to 200 factories in the coming years. Notable companies such as Almarai, Mars, Panda, Halwani Brothers, Ikea, Pfizer, Volvo, Renault and Abdul Latif Jameel already operate in the Industrial Valley development.

The Industrial Valley itself occupies ​​55 million square meters within KAEC, strategically located on the Red Sea coast. KAEC represents one of the world's most important models for urban and industrial development and features one of the ten largest deep water seaports in the world. An integrated regulatory is body responsible for government transactions related to the development and has oversight of the transportation network, including ground and naval ships as well as air travel and railways.

Speaking about the agreement, KAEC CEO, Mr. Fahd Al-Rasheed, noted that that one of the strategic objectives of the development was to promote domestic investment while simultaneously attracting foreign investment.  He said that it was KAEC’s goal to also attract regional and global capital that will encourage investors to take advantage of industrial and logistical advantages that KAEC provides. He further highlighted the importance of the Industrial Valley in particular and the convenience that will be provided through residential developments that adhere to global environmental standards.

Also speaking about the agreement, Alinma Bank CEO, Mr. Abdulmohsen Al-Fares said it was part of the bank’s strategy to support infrastructure investment projects and projects of economic feasibility that contribute to the creation of employment opportunities and that enhance the national economy. He also noted that this was the second financing agreement signed between Alinma and KAEC and that the bank was pleased to work in partnership with such a worthwhile, high-profile project.

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