alrajhi bank, Zain KSA ink SAR 1.6 billion deal to finance supply chains, receivables

The signing ceremony

alrajhi bank announced the signing of a supplier financing contract worth 1.625 billion riyals with Zain Saudi Arabia, the leading provider of communications and digital services in the Kingdom, in order to invest in expanding its fifth-generation network and enhancing the infrastructure to support the business sector. Through this financing, Zain Saudi Arabia will work to expand its qualitative investments in its fifth-generation network around the Kingdom and enhance its portfolio with innovative digital solutions and applications directed to its individual customers and business sectors to provide them with the best and latest digital experience.

The Managing Director and CEO of alrajhi bank, Mr. Waleed Al-Muqbel, said, “Al Rajhi Bank is happy to develop the partnership with Zain Saudi Arabia, as it will open new horizons for developing the communications sector and digital services in the Kingdom. We are pleased to have Al Rajhi Bank as a key partner in supporting the achievement of the goals of Vision 2030, which is one of the most important... Its goals are digital transformation, as Zain KSA is considered one of the leading digital empowerment companies in the Kingdom.”

In this context, Engineer Sultan bin Abdulaziz Al-Deghaither, CEO of Zain Saudi Arabia, said: “At Zain Saudi Arabia, we work according to an integrated strategy that balances achieving our basic goals by empowering our individual and business customers, providing them with the latest technologies and digital solutions, and supporting the aspirations of our shareholders and investors to maximize... value to them, in parallel with keeping pace with the ambitions of our wise leadership represented by the Saudi Vision 2030 to achieve sustainable digital transformation to contribute to opening the door to a new era of digital innovation in the Kingdom, as our partnership with alrajhi bank came to obtain supplier financing, to combine our efforts as a pioneering company in the communications and digital services sector and one of the “The most prestigious national financial institutions to contribute to enriching the digital experience in the Kingdom and enhancing its comprehensiveness, as the financing agreement is consistent with our strategy to provide a distinguished customer experience and provide innovative services, in addition to focusing on religious tourism to develop the services provided for pilgrims.”

Last year, alrajhi bank signed a memorandum of understanding with Zain Saudi Arabia to form a strategic partnership that allows for closer cooperation between the leading bank in the banking sector and one of the most important telecommunications companies in the Kingdom.