Saudi Arabia: Bahri Secures $800 Million Murabaha Credit Facility With Al Rajhi Bank

In a significant move to bolster its financial stability and fuel future growth, Bahri, the National Shipping Company of Saudi Arabia, has entered into a strategic financial partnership with Al Rajhi Bank. The two entities have inked a Murabaha Revolving Credit Facility agreement totaling $800 million (equivalent to SAR 3 billion). This financial boost is targeted at enhancing Bahri's working capital and CAPEX needs, thereby solidifying its economic foundation and supporting its expansive development aspirations.

The Murabaha Revolving Credit Facility goes beyond mere financial aid; it equips Bahri with the necessary resources to pursue sustainable growth and innovation within the shipping and logistics industry. Moreover, this agreement aligns with Saudi Arabia's broader vision to transform into a leading global logistics hub. By leveraging its unique geographical position, Bahri aims to contribute significantly to the kingdom's economic diversification and the cultivation of national talent.

The contract was officially signed in a ceremony that saw Basil Abulhamayel, Chief Financial Officer of Bahri, and Hossam Al-Basrawi, General Manager Corporate Banking Group at Al Rajhi Bank, come together. This event was also attended by various representatives from both organizations, marking a significant milestone in the partnership between the two giants.

Abulhamayel expressed his optimism about the agreement's impact, stating, "We are pleased to sign this agreement with Al Rajhi Bank, which we anticipate will play a pivotal role in enhancing the efficiency of our operations and financial position, while delivering seamless shipping services that comply with the highest international standards. This collaboration reaffirms the value we create for our customers, the global maritime sector, and the industry at large."

Al-Basrawi also highlighted the importance of the partnership, saying, "We are delighted to sign this agreement with Bahri, a leading company in the maritime sector. This partnership reflects the bank's commitment to supporting prominent companies and providing the necessary financial facilities to enhance their growth and sustainability, this collaboration strengthens Al Rajhi Bank's pioneering role in offering innovative financial solutions that contribute to achieving Vision 2030, which aims to diversify the economy and enhance investments."

The agreement lays a solid foundation for Bahri to pursue its ambitious long-term growth strategy, aiming to elevate its status among the top global players in the maritime industry. By expanding its market share, Bahri seeks to enhance its competitiveness, profitability, and overall market position. As one of the largest shipping and logistics companies worldwide, Bahri is poised to capture new global markets and sectors, setting new industry benchmarks while achieving remarkable financial performance.