Saudi Electricity inks deal with Al Rajhi Bank to digitalize its contractors’ bank guarantees

Agreement signing

Saudi Electricity inks deal with Al Rajhi Bank to digitalize its contractors’ bank guarantees Saudi Electricity Co. (SEC) announced today, Aug. 2, signing an agreement with Al Rajhi Bank to digitalize bank guarantees provided by the company's project contractors.

The deal comes in line with SEC’s strategy for the digital transformation of the local electricity sector, in a bid to achieve goals of Saudi Vision 2030, the company said in a tweet.

CEO Khaled Al-Gnoon explained that this move consolidates SEC's commitment to developing all its services through the latest technologies to enhance reliability in financial operations with contractors and suppliers.

The agreements were signed between Saudi Electricity, Al Rajhi Bank and BwaTech to automate bank guarantees through the "bwadel" e-platform, which is powered by BwaTech.

This service aims to replace paper-based procedures with advanced technical methods by linking banks issuing these guarantees with their beneficiaries to facilitate the issuance process and subsequent procedures.