21/05/2026 02:48 AST
Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, has signed a SR6.4 billion bilateral financing agreement with AlBawani, one of the companies in which the Public Investment Fund (PIF) ultimately holds a stake. AlBawani 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 Alfurah, 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 AlShawat, 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.
Saudi Gazette
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