Bahri, the National Shipping Company of Saudi Arabia and a global leader in maritime transportation and logistics, signed a landmark Murabaha Financing Agreement with Alinma Bank to secure financing to support its fleet modernization program.
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Mr. Basil Abulhamayel, Chief Financial Officer at Bahri and and Mr. Jameel AlHamdan, Chief Corporate Banking Group at Alinma Bank, signed the agreement on behalf of their respective organizations. Senior executives from both sides were present at the signing ceremony.
Under the terms of the facility agreement, Alinma Bank will extend a credit facility worth USD 756 million (SAR 2.835 billion) to partially finance the purchase of nine state-of-the-art Very large Crude Carriers (VLCCs) intended to streamline the process of phasing out older vessels, to further strengthen its position as a global leader in maritime logistics and transportation.
Commenting on the agreement, Basil Abulhamayel, Chief Financial Officer at Bahri, said: “We are delighted to partner with Alinma Bank to finance one of our significant fleet modernization drives. The enhanced financial capabilities from this collaboration will fuel our efforts to improve our overall fleet competitiveness that will lead to enhancing the company’s revenues and profitability, aligning with our long-term strategic goals. With these strengthened capacities, we are confident in supporting the Kingdom’s vision to become a global leader in maritime and logistics in line with Vision 2030.”
Mr. Jameel AlHamdan, Chief Corporate Banking Group at Alinma Bank said: “We are pleased to finance one of Bahri’s key strategic vessels acquisitions in recent years. This collaboration aligns with our ongoing commitment to Vision 2030 and supports our strategic initiatives to enhance Alinma Bank’s position as the preferred financial partner for the public and private sectors.”
Strategic fleet modernization has always been a core focus of Bahri’s strategy. Leveraging the Kingdom’s strategic location, the company has been actively expanding into new sectors and global markets.
About Bahri
Bahri is one of the world’s foremost shipping and logistics companies. Established as the national shipping carrier of Saudi Arabia, Bahri has played a leading role in the transformation and growth of the global shipping industry through an unrelenting focus on innovation and a commitment to delivering technology-driven, value-added onshore and offshore services.
As one of the largest providers of maritime services globally, Bahri structures its operations around five business units that include Oil, Chemicals, Logistics, Dry Bulk, Marine, and Ship Management. Bahri’s service offering includes transportation of crude oil, oil products, chemical, bulk and general cargo, as well as ship management. The company tailors its services to the needs of its customers – from optimizing usage of third parties and building specially-designed vessels to providing door-to-door transportation domestically and across borders.
Driven by its core values and responsible business strategies, Bahri is committed to positioning Saudi Arabia as a unique regional logistics gateway to three continents and contributing to the Kingdom’s 2030 Vision by continuously expanding its services and presence across the world.
About Alinma Bank
Alinma Bank is the region’s epicenter for dynamic, innovative, Shariah-compliant banking and financial services, delivered with the speed and convenience customers require in their busy modern lives. Founded in 2006 by royal decree, Alinma Bank has a strong record of accomplishment of supporting the national economy and helping individuals and businesses pursue their goals and aspirations.
As a full-service financial institution, the bank serves individuals, corporates, and SMEs alike, with comprehensive products and services, delivered by skilled staff that are proactive on behalf of customers – anticipating needs, clearing obstacles, and creating efficiencies that give customers a best-in-class banking experience. Product offerings include Real estate and personal financing, individual and corporate current accounts, Saving accounts, card services, corporate financing, auto leasing, and much more.
