Bahri, the National Shipping Company of Saudi Arabia and a global leader in shipping and logistics, has signed a Murabaha Revolving Credit Facility agreement of $800 million (equivalent to SAR3 billion) with Al Rajhi Bank. 

 

The move is aimed at supporting and strengthening Bahri’s financial position while covering the company’s working capital and CAPEX requirements.

 

The agreement was signed by Basil Abulhamayel, Chief Financial Officer of Bahri, and  Hossam Al-Basrawi, General Manager Corporate Banking Group at Al Rajhi Bank, in the presence of other representatives from both organisations.

 

This agreement reflects the strategic partnership between Bahri and Al Rajhi Bank and supports Bahri’s development goals by enhancing financial liquidity and funding its operational and capital needs. The move aligns with Bahri’s efforts to maintain its leadership position in the maritime sector on the regional and global levels.

 

Additionally, the Murabaha Revolving Credit Facility agreement provides Bahri with financial flexibility to achieve sustainable growth and drive innovation in the shipping and logistics sector. It also contributes to Saudi Arabia’s transformation into a global logistics hub, leveraging its unique geographical location, while supporting economic diversification and fostering the development of national talent.

 

Abulhamayel said: "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 said: "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 provides Bahri with greater opportunities to achieve its long-term growth strategy, strengthening its position among the leading global players in maritime sector. It also supports efforts to expand its market share, enhances its competitiveness, and bolsters its profitability.

 

Bahri is one of the world’s largest shipping and logistics companies. Leveraging the Kingdom's strategic location, the company aims to expand into new global markets and sectors, achieving outstanding financial results while continuing to set benchmarks for the industry. -TradeArabia News Service