Al Kifah Holding Company has signed a SR 600 million syndicated Islamic Murabaha facility agreement with a group of GCC banks. The mandated lead arrangers for the six-year Murabaha facility are Gulf International Bank (GIB), National Commercial Bank, Samba Financial Group and Banque Saudi Fransi.
GIB Capital, the Riyadh-based investment services arm of GIB, acted as the financial advisor to Al Kifah Holding, a leading producer of building and construction materials in the Kingdom of Saudi Arabia.
During the signing ceremony of the facility in Al-Khobar, Saleh Al Afaliq, Director of Finance of Al Kifah Holding, thanked the participating banks for their confidence in the Company. He added that access to long term funding will strengthen the Company’s balance sheet and facilitate its planned growth.
“We are pleased to have provided financial advice to Al Kifah Holding in their syndicated Murabaha Facility. This facility will further strengthen the Group’s balance sheet and prepare them for their future growth,” Srinivas Vemparala, CEO of GIB Capital, said.
GIB Capital was established in 2008 as a fully-owned subsidiary of GIB to carry out investment banking activities within Saudi Arabia and is duly authorized by the CMA. GIB is a leading bank in the Middle East with its principal focus on the GCC states. Its primary shareholder is the Public Investment Fund of Saudi Arabia. The Bank provides client-focused, innovative financial products and services to a wide customer base in the region, including asset management, IPOs, private equity placement, mergers & acquisitions, Sukuk/bond issues and Sharia-compliant banking services.