Saudi Electricity Company Locks $2.4 bln Financing Deal

The Saudi Electricity Company signed a local co-financing agreement worth 9 billion Saudi Riyals with 7 major banks in the Kingdom
The Saudi Electricity Company signed a local co-financing agreement worth 9 billion Saudi Riyals with 7 major banks in the Kingdom
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Saudi Electricity Company Locks $2.4 bln Financing Deal

The Saudi Electricity Company signed a local co-financing agreement worth 9 billion Saudi Riyals with 7 major banks in the Kingdom
The Saudi Electricity Company signed a local co-financing agreement worth 9 billion Saudi Riyals with 7 major banks in the Kingdom

The Saudi Electricity Company (SEC) has agreed on a 9 billion riyal ($2.4 billion) syndicated Islamic loan with seven major local banks.

The seven-year unsecured facility has a murabaha structure, a cost-plus-profit arrangement that complies with Islamic finance standards, and will be used for general corporate purposes, including capital expenditure.

The financing was provided by National Commercial Bank, Bank Albilad, Al Rajhi Bank, Riyad Bank, Samba Financial Group, Banque Saudi Fransi and Saudi British Bank.

Fahad Al-Sudairi, CEO of SEC, clarified that the company provides electrical services to a growing subscriber base, which currently stands at approximately 9.8 million users in the Kingdom.

SEC is constantly working to improve operational efficiency and make a quantum leap in automating its work and improving customer services.

Al-Sudairi explained that the financing is part of the company’s plan to finance its general purposes and capital projects, the most important of which is the smart meters project, improving network reliability and linking new projects.

“A smart meter is the next generation of a gas and electricity meter. Smart meters measure how much gas and electricity you’re using, as well as what it’s costing you and display this on a handy in-home display,” Al-Sudairi.

The meter reading shows the actual usage and users will be informed of how much the cost will be.

The plan is to install ten million smart meters before the end of March 2021.

Smart meters are considered one of SEC’s top projects for digital transformation, and represents the center of its strategy aimed at improving the level of services.

Al-Sudairi pointed out that the successful closing of this financing is a sign of strong confidence from local banks in SEC, which has a large and extended asset base throughout the Kingdom that plays a vital and necessary role in supporting and developing its economy in all its sectors.



Port of NEOM Strengthens Role in Global Supply Chain Connectivity

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
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Port of NEOM Strengthens Role in Global Supply Chain Connectivity

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA

Port of NEOM has marked a major milestone with the arrival of the first fully automated, remote-controlled Ship-To-Shore (STS) and Electric Rubber-Tyred Gantry (eRTG) cranes in the Kingdom, advancing its goal to become a global hub for smart, sustainable trade, SPA reported.

Strategically located on the Red Sea, Port of NEOM is already serving as a critical gateway on the East-West trade route. The newly arrived state-of-the-art cranes will play a critical role in the port’s automation strategy, unlocking the potential for high-volume, high-efficiency operations.

Development of Port of NEOM continues at a pace ahead of the 2026 opening of Terminal 1, a next-generation container terminal, with recent infrastructure milestones including the completion of a 900-meter quay wall and the deepening of the port channel to 18.5 meters—enabling the world’s largest vessels transiting the Suez Canal to call at Port of NEOM.

Terminal 1 will also feature horizontal transport automation as part of its broader goal to achieve full automation. Once operational, these technologies will significantly expand the port’s logistics capacity, driving regional industrial growth, opening access to global markets, enhancing supply chain resilience, and unlocking business opportunities.

Port of NEOM Managing Director Sean Kelly said: “The arrival of our first automated cranes marks a tangible milestone as we lay the foundations for an advanced, future-ready port. We are not only accelerating industrial growth in northwest Saudi Arabia, but we are also setting a new benchmark for performance, efficiency, innovation and establishing a vital trade gateway for the Kingdom and the region beyond.”

In parallel with its investments in infrastructure and automation, Port of NEOM is also committed to developing local talent, including training Saudi women to take on high-tech roles. Central to this effort is a pioneering initiative to train the next generation of production specialists in remote crane operation skills, thereby helping to shape a more inclusive future for the logistics and industrial sectors.

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030.