Riyadh, Saudi Arabia – Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, has signed a SAR 6.4 billion bilateral financing agreement with AlBawani,  one of the companies in which the Public Investment Fund (PIF) ultimately holds a stake, and which stands among the major integrated national entities whose operations span across the sectors of construction, technology, utilities management, and infrastructure. The agreement reflects SAB’s continued role in enabling strategic infrastructure and development initiatives across the Kingdom, while further strengthening the bank’s diversified corporate portfolio.

The partnership underscores the shared commitment of SAB and AlBawani to advancing Saudi Arabia’s Vision 2030 ambitions through future-forward infrastructure and development projects that contribute to economic diversification and long-term sustainable growth across the Kingdom. It also underscores SAB’s commitment to providing tailored financing solutions that help drive private sector growth, economic diversification, and long-term sustainable development.

This agreement reflects AlBawani's distinguished journey spanning more than 35 years of excellence and industry leadership, embodying its pivotal role as a fully integrated national entity with operations across construction, technology, energy, investment, water, utilities management, and infrastructure. The partnership reaffirms the Group's steadfast commitment to supporting Saudi Arabia's development and transformation agenda, by combining deep local expertise with international standards further cementing its standing as a valued  partner in delivering iconic projects that  shape the nation's future.

Commenting on the agreement, Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at SAB, said:

“This agreement reflects SAB’s continued commitment to financing strategic developments that contribute to Saudi Arabia’s long-term economic ambitions. As infrastructure and development activity continue to accelerate across the Kingdom, we remain focused on enabling high-impact sectors through tailored banking solutions and strong client partnerships. AlBawani’s proven delivery capabilities and track record across major projects make the company a valued partner in supporting the next phase of national transformation.”

Yasser Alfuraih, GM Large and Mid Corporates at SAB, commented: “This landmark financing agreement reflects SAB’s strong confidence in the Kingdom’s infrastructure sector and in AlBawani’s execution capabilities and long-term vision. At SAB, we remain committed to delivering impactful financing solutions that support projects aligned with Saudi Arabia’s Vision 2030 and reinforce our role as a leading banking partner for strategic national developments.”

Eng. Fakher AlShawaf, Group CEO of AlBawani, added: "This financing agreement reflects the unwavering confidence of SAB in our capacity to deliver projects and fulfill our development commitments. It equally underscores the resilience of the Saudi banking sector and its ability to empower national enterprises in advancing the objectives of Vision 2030. This strategic partnership is a testament to the strength and confidence of Saudi banks in the Kingdom's economy and its long-term sustainability in achieving national targets. We continue to expand our footprint across the energy, investment, construction, technology, infrastructure, oil and gas pipeline, and utilities management sectors further cementing our role as a committed national partner in building the future of our country."

Derar Owais, Group CFO, AlBawani said: "This financing reflects SAB's confidence in the strength of the Group's financial position and further enhances our capacity to support our strategic plan in the coming period contributing meaningfully to delivering sustainable returns across our key target growth sectors."

Through its financing capabilities and strategic partnerships across the public and private sectors, SAB continues to play a central role in enabling major projects and supporting Saudi Arabia’s evolving economic landscape.

About SAB:

Saudi Awwal Bank is one of the largest banks in the Kingdom and traces its origins in Saudi Arabia to more than 90 years, during which time it has been an active partner supporting the Kingdom’s economic growth and social development.

SAB is one of the leading corporate and institutional international banks in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in Saudi Arabia and the region in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, paving the way for transformation and excellence.

SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury.

SAB paid-up capital is SAR 20.5 billion, after the legal merger with Alawwal Bank on 14th March 2021, when it was legally known as the Saudi British Bank (SABB). Saudi Awwal Bank is a licensed financial institution operating under the supervision of and regulated by the Saudi Central Bank, and a partner of the HSBC Group.

About AlBawani

Founded in Saudi Arabia in 1991, AlBawani has grown over more than three decades from a leading construction company into a fully integrated national group and a company of the Public Investment Fund (PIF). The Group operates across construction and contracting, technology, mechanical and electrical engineering, utilities management, water and energy infrastructure, and real estate development and PPP investment.

With over 35 years of excellence, AlBawani has successfully delivered more than 270 projects across health, education, culture, tourism, and infrastructure including SEVEN Entertainment, the Aramco Stadium, Diriyah, Qiddiya, and the Digital City project. The Group holds a First-Grade classification in the Kingdom and is supported by a workforce of over 16,000 employees.

AlBawani Official Channels: X (Twitter): @albawani | Instagram: @albawani | LinkedIn: company/albawani | Facebook: Albawani

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.