Gulf International Bank — Saudi Arabia has announced the signing of a SR1.07 billion ($285.3 million) credit facility agreement with the Italian-listed multinational engineering group SAIPEM. The facility, in the form of a letter of guarantee, supports the company’s ongoing activities in the Kingdom.
SAIPEM is a leading oil and gas contractor with a nearly 50-year track record operating in Saudi Arabia where it has successfully delivered multiple onshore/offshore/drilling infrastructure projects.
An official signing ceremony was held at GIB KSA headquarters in Alkhobar. Representing GIB was Abdulaziz Al-Helaissi, GIB’s group chief executive officer, and the relationship management team alongside Khaled Abbas, group head of wholesale banking. Present from SAIPEM was Jean-Luc Dubois, chairman of the board of directors of the main operative company in Saudi Arabia, and administration, finance and control regional manager — Middle East.
Al-Helaissi said: “GIB is proud to have signed this facility agreement with SAIPEM, supporting its ongoing activities in the Kingdom and in one of the most important sectors of the economy. We are pleased to be a go-to partner for large corporates, both local and foreign, operating in the Kingdom and will continue to build our position as a market leading financing bank.”
Dubois added: “We are proud to collaborate with GIB as a trusted business partner supporting SAIPEM’s activities and growth perspectives in the Kingdom.”
GIB KSA provides retail, corporate and institutional customers across the Kingdom with a comprehensive offering of banking and financial services covering wholesale banking, asset management, investment banking and retail banking service via “meem” by GIB.
The bank, which is the first to be headquartered in the Eastern Province, has branches in Dhahran, Riyadh and Jeddah, and was established as a local Saudi bank in April 2019 after having operated in the Kingdom for nearly 20 years as foreign branches of the pan-GCC GIB. The bank, during this time, has been a pioneer in the local market, having launched its meem digital banking services in 2015, making it the first digital bank in the region providing Shariah-compliant products for retail customers.
GIB Saudi Arabia is regulated by the Saudi Arabian Monetary Authority and has been established with a paid-up capital of SR7.5 billion. It is owned equally by GIB and the Public Investment Fund.