RIYADH, 20 December 2006 — SABB has signed an SR916 million car financing deal with the United Installment Co., an affiliate of Abdul Latif Jameel Group. The deal, considered to be a strategic initiative between two of the biggest commercial institutions in the Kingdom, is expected to contribute in a big way to developing the company’s activities in the field of financial services.
The deal was signed at the company’s offices in the presence of Dr. Saad Al-Ghamdi, senior vice president, and Saeed Bahazeg, general manager of finance, on behalf of the ALJ Group. SABB was represented by Alaa Al-Jabri, regional manager, Western Province, and Ghassan Al-Amoudi, senior relationship manager, commercial and institutional banking.
SABB is considered one of the pioneering Saudi banks in supporting projects in socio-economic fields that are Shariah-compliant. It has many achievements to its credit during recent years, which qualified the bank to win the award of “Best bank in the Kingdom of Saudi Arabia” for many years by Euromoney International Magazine; it also won an outstanding rating by the international credit rating agency, Standard and Poor’s.