SAB inks SAR 6.4B financing agreement with Al Bawani

Snapshot of the agreement signing

Saudi Awwal Bank (SAB) signed a SAR 6.4 billion bilateral financing agreement with Al Bawani Co., a Public Investment Fund (PIF)-backed company, as part of the bank’s efforts to strengthen its corporate portfolio while supporting infrastructure and strategic development projects in Saudi Arabia.

The partnership reflects SAB’s and Al Bawani’s shared commitment to advancing the Saudi Vision 2030 through development projects that support economic diversification and long-term sustainable growth, while underscoring SAB’s focus on tailored financing solutions to drive private-sector expansion and broader development goals.

Al Bawani boasts more than 35 years of operations across construction, technology, energy, investment, water, facilities management and infrastructure. The deal would reinforce its role in supporting Saudi Arabia’s development through a combination of local expertise and international standards.

Yasser Albarrak, Chief Corporate and Institutional Banking Officer at SAB, said the agreement reflects the bank’s commitment to financing strategic projects that support the Kingdom’s long-term economic ambitions, adding that SAB remains focused on supporting key sectors through integrated banking solutions and partnerships, citing Al Bawani’s track record in delivering major projects.

Yasser Al Furaih, General Manager of Large Corporates & Commercial Banking at SAB, said the financing demonstrates the bank’s confidence in Saudi Arabia’s infrastructure sector and Al Bawani’s execution capabilities, adding that SAB remains committed to financing projects aligned with the Saudi Vision 2030 and strengthening its role in strategic development.

Fakhr Al Shawaf, CEO of Al Bawani, said the financing reflects SAB’s confidence in the company’s ability to deliver projects and support development goals, adding that the partnership underscores the strength of Saudi Arabia’s banking sector as Albawani continues to expand across energy, investment, construction, technology, infrastructure, oil and gas pipelines, and facilities management.

Derar Owais, Group CFO at Al Bawani, said the financing reflects SAB’s confidence in the group’s financial position and supports its strategic expansion plans, helping generate sustainable returns across key growth sectors.

Through its financing capabilities and partnerships with public and private sectors, SAB continues to play a central role in supporting major projects and Saudi Arabia’s economic development.