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Saudi: SEC Secures $2.6 Billion in Local Syndicated Facility Agreement

The Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services. (SPA)
The Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services. (SPA)
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Saudi: SEC Secures $2.6 Billion in Local Syndicated Facility Agreement

The Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services. (SPA)
The Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services. (SPA)

The Saudi Electricity Company signed with nine local banks a syndicated facility agreement valued at SAR 10 billion ($2.6 billion).

The seven-year facility is provided by Al Rajhi Bank, Banque Saudi Fransi, Saudi British Bank, Saudi National Bank, Riyad Bank, Bank Albilad, Bank AlJazira, Qatar National Bank KSA and Saudi Investment Bank.

In a statement, Saudi Electricity said that the collateral-free facility was intended to be used for financing general corporate purposes, including capital expenditure.

Saudi Electricity CEO Khaled Al-Gnoon emphasized that the company was working to improve efficiency and reliability, and to achieve a quantum leap in developing and automating the electric service provided to a growing base of nearly 11 million subscribers.

On a different note, the Oil Demand Sustainability Program signed a cooperation agreement with SAL Saudi Logistics Services, which provides for the replacement of wooden pallets with plastic pallets, in a move aimed at supporting the transition towards sustainability in the field of logistics and loading.

The Oil Demand Sustainability Program was launched in 2020, with the participation of several government agencies, companies and research centers. The program works to enhance the added value that can be achieved from hydrocarbons, by developing innovative hydrocarbon materials, and promoting their sustainable use, in addition to supporting the localization of the associated supply chain in the Kingdom.

The agreement was signed by the Head of the Executive Office of the Petroleum Demand Sustainability Program, Eng. Mohammad Haitham Al-Tayyar, and the Managing Director and CEO of SAL Saudi Company for Logistics Services, Faisal Al-Beddah.

Al-Beddah noted that the use of polymeric materials in the manufacture of pallets had several economic and environmental benefits.

He explained that plastic pallets were more sustainable, produced less carbon emissions, were recyclable and reusable, and preserved vegetation.

SAL Saudi Logistics Services provides integrated logistical services in the field of cargo handling across all Saudi airports.

It also offers integrated logistical solutions services to its partners from the sports, entertainment, culture and arts sectors to contribute to achieving the Kingdom’s Vision 2030.

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Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
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Kazakhstan Anticipates Completion of ACWA Power’s Wind Energy Project

ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)
ACWA Power announced in March that it would execute the project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. (Photo: ACWA Power)

Kazakh Ambassador to Saudi Arabia, Madiyar Menilbekov, announced that his country eagerly anticipates the completion of ACWA Power’s first wind energy project in the Zhetysu region. This project, led by the Saudi company, will have a total capacity of 1 gigawatt and an investment value of approximately $1.5 billion.
ACWA Power announced last March that it would execute this project, which will aid Kazakhstan in reaching its goal of sourcing 50% of its energy from clean resources by 2050. Construction is expected to commence in the summer of 2025.
Menilbekov told Asharq Al-Awsat that both countries “have established a solid political dialogue at a high level, along with cooperation in trade, economics, culture, and parliamentary exchange.” He expects this high-level dialogue to continue at the upcoming COP 16 summit in Riyadh.
He further emphasized that trade, economic, and investment cooperation is the cornerstone of the bilateral relationship, noting: “Both countries share a similar outlook on economic development, reflected in Kazakhstan’s Strategic Program 2050 and Saudi Arabia’s Vision 2030.”
The Kazakh ambassador highlighted that last September, the Islamic Development Bank approved financing for projects in Kazakhstan focused on water resource development, enhancing agricultural productivity, and ensuring food security, with total allocations amounting to $1.153 billion.
In tourism, he noted significant progress toward establishing direct flights between the two countries. Air Astana launched flights between Shymkent and Jeddah in October and announced a route from Almaty to Medina, bringing the total to six direct flights. Additionally, Kazakh companies in construction, oil services, and IT have recently opened offices across Saudi Arabia. The Farabi Innovation Center was inaugurated in Riyadh to attract talented entrepreneurs and innovative startups from Nur-Sultan and Central Asia to the Kingdom.
Menilbekov explained that since gaining independence, Kazakhstan’s GDP has grown 17-fold, with foreign trade reaching $139.8 billion last year. He added: “Since 1993, Kazakhstan has attracted a total of $441 billion in foreign direct investment, allowing our economy to remain one of the most dynamic in Central Asia and the post-Soviet region.”
According to Menilbekov, Kazakhstan is the world’s largest producer and exporter of natural uranium, responsible for more than 45% of global production and exports. He also noted that Kazakhstan produces 18 of the 34 raw materials identified by the European Union as “critical materials.”
Menilbekov further mentioned that Kazakhstan possesses 200 million hectares of agricultural land, with about 100 million hectares currently under regular cultivation.