SIDF lends Nal Foods SR22m for Tabuk feed mill

The signing ceremony was attended by Areeb Aljazeera, technical and engineering consultant of the project, and CEO Sultan Alshehri.
Updated 22 February 2018

SIDF lends Nal Foods SR22m for Tabuk feed mill

The Saudi Industrial Development Fund (SIDF) on Wednesday signed a loan agreement worth SR22 million ($5.8 million) with Nal Foods to finance its feed mill in Tabuk.
Nal Foods President Nadher Alhakami said that the project is part of SIDF’s continuous contribution to national industries, especially in the food and water security sector, which is key to Saudi Vision 2030.
The move is in line with the Ministry of Agriculture’s efforts to stop growing green fodder and introduce feasible alternatives instead, such as local high quality feed mills.
It is also an implementation of the relevant decisions by the Council of Ministers on feed regulations.
Alhakami also disclosed a total investment of SR50 million for the first phase of Tabuk industrial city located on a 20,000 square meter site, equipped with the latest engineering and industrial solutions, in addition to the international best practices in the feed milling industry, in both production lines and storage systems.
Nal Foods’ feed mill targets a capacity of over 170,000 tons per year of high quality feed products, for all purposes, either for ruminants or for poultry.
Alhakami thanked the entire SIDF team for their effort and support.
The signing ceremony was attended by Areeb Aljazeera, technical and engineering consultant of the project, and CEO Sultan Alshehri.
SIDF announced in 2017 a joint portfolio with the Agricultural Fund to finance and support feed mills in Saudi Arabia, part of the food and water security strategy within the framework of Vision 2030.

Emirates NBD opens branch in Alkhobar

Updated 20 September 2018

Emirates NBD opens branch in Alkhobar

Emirates NBD, a banking group in the Middle East, has expanded its presence in the Kingdom with the opening of its first branch in Alkhobar in the Eastern Province. Emirates NBD now covers three key regions in Saudi Arabia with a presence in Riyadh, Jeddah and Alkhobar. 

As Saudi Arabia progresses plans for economic reform, in line with its Vision 2030, Emirates NBD’s presence builds on the growing economic and trade ties between Saudi Arabia and the UAE. Following the establishment of the Saudi-Emirati Coordination Council, the UAE and Saudi Arabia recently announced The Strategy of Resolve, a joint vision for economic development through 44 joint strategic projects within a five-year time frame. 

UAE-based Emirates NBD is the first non-Saudi bank with a significant branch network across the Kingdom. The bank offers retail, private, business and wholesale banking across its network of three full-fledged branches in the Kingdom, in addition to corporate finance advisory, project and syndicated finance through Emirates NBD Capital KSA, the bank’s investment banking arm.

Emirates NBD also operates in Egypt, India, Singapore, and the UK with representative offices in China and Indonesia. 

“Our presence in Saudi is integral to Emirates NBD’s growth strategy as we continue to explore opportunities in the GCC region’s largest and most dynamic economy,” said Hesham Abdulla Al-Qassim, vice chairman and managing director of Emirates NBD. 

“Saudi Arabia is in the midst of a landmark economic transformation and we look forward to continuing to support Saudi individuals and businesses looking for a trusted banking partner.” 

Emirates NBD recently renewed its partnership with the Kingdom’s Kafalah Program, which aims to promote financing to small and medium enterprises (SMEs) within the country.

Loai Abduljawad, CEO of Emirates NBD KSA, said: “Emirates NBD’s expanded network strengthens our offering to individuals and corporates in Saudi Arabia looking to invest and trade across the MENA region and beyond. Our superior value proposition, built on the bank’s unique ‘high tech + high touch’ philosophy of offering customers a modern banking experience complemented by personalized advisory services, will enable us to strengthen customer acquisition in the Kingdom as we continue to support the country’s long-term growth and development goals, as outlined in Saudi Vision 2030.” 

Emirates NBD is a leading banking group in the region. As of June 30, 2018, its total assets were 477.5 billion dirhams, ($130 billion). The group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 percent of all financial transactions and requests conducted outside of its branches. The bank was declared the “Most Innovative Financial Services Organization of the Year” at the 2017 BAI Global Innovation Awards.