Roots Group ARABIA specializes in the distribution of construction equipment and materials, contracting, and manufacturing in the Kingdom and the region. Mimar International is the contacting arm of the group, which aims to widen its operations within the Gulf area and the Middle East and to strengthen its investment through carrying out strategic projects that are in line with its development objectives. This loan is the first grouped Islamic loan obtained by the group in its history and comes as part of its strategy to improve its medium-term liquidity-funding base.
Samir Al-Shubaily, deputy CEO of Roots Group ARABIA, said the success of the funding agreement was reflective of the investment power of the group, adding that it will contribute to the execution of the strategy of promoting its solid financial position and proceeding with the further expansion and investment at both local and regional levels.
Al-Shubaily also thanked the banks that participated in the financing, emphasizing that Roots Group adheres to Islamic principles in all its business and financial dealings and that such principles are central to the group's operations.
Al-Shubaily also stated that the alliance with local banks comes in parallel to the plans of the group to contribute to the development of the Kingdom, especially through participating in the local economy and infrastructure. Al-Shubaily added that the agreement is evidence of the trust of the banking community in the financial strength of the group, especially after the outstanding 2011 financial results, where revenues exceeded SR2.5 billion.
