The Saudi Electricity Company signed with nine local banks a syndicated facility agreement valued at SAR 10 billion ($2.6 billion).
The seven-year facility is provided by Al Rajhi Bank, Banque Saudi Fransi, Saudi British Bank, Saudi National Bank, Riyad Bank, Bank Albilad, Bank AlJazira, Qatar National Bank KSA and Saudi Investment Bank.
In a statement, Saudi Electricity said that the collateral-free facility was intended to be used for financing general corporate purposes, including capital expenditure.
Saudi Electricity CEO Khaled Al-Gnoon emphasized that the company was working to improve efficiency and reliability, and to achieve a quantum leap in developing and automating the electric service provided to a growing base of nearly 11 million subscribers.
On a different note, the Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services, which provides for the replacement of wooden pallets with plastic pallets, in a move aimed at supporting the transition towards sustainability in the field of logistics and loading.
The Oil Demand Sustainability Program was launched in 2020, with the participation of several government agencies, companies and research centers. The program works to enhance the added value that can be achieved from hydrocarbons, by developing innovative hydrocarbon materials, and promoting their sustainable use, in addition to supporting the localization of the associated supply chain in the Kingdom.
The agreement was signed by the Head of the Executive Office of the Petroleum Demand Sustainability Program, Eng. Mohammad Haitham Al-Tayyar, and the Managing Director and CEO of SAL Saudi Company for Logistics Services, Faisal Al-Beddah.
He noted that the use of polymeric materials in the manufacture of pallets had several economic and environmental benefits.
He explained that plastic pallets were more sustainable, produced less carbon emissions, were recyclable and reusable, and preserved vegetation.
SAL Saudi Logistics Services provides integrated logistical services in the field of cargo handling across all Saudi airports.
It also offers integrated logistical solutions services to its partners from the sports, entertainment, culture and arts sectors to contribute to achieving the Kingdom’s Vision 2030.
