KUWAIT CITY, October 29: The National Bank of Kuwait (NBK) is proud to announce the signing of several historic agreements on the sidelines of the prestigious 8th edition of the Future Investment Initiative (FII), with a total value of 6.2 billion SAR (around $1.6 billion). These agreements underline NBK’s commitment to playing a central role in contributing to Saudi Arabia’s Vision 2030, as the bank continues to expand its presence across the Kingdom. By partnering with leading industry players, NBK is strengthening its reputation as a trusted financial partner dedicated to supporting the Kingdom’s ambitious economic transformation and infrastructure development.

The signing ceremony took place in the presence of Ms. Shaikha Al-Bahar, Deputy Managing Director of the National Bank of Kuwait Group, Mr. Zaid Isam Al-Sager, Deputy Managing Director of the International Banking Group, Mr. Meshari Hamad Bin Salamah, Deputy Managing Director, Head of International Corporate & Commercial Real Estate, International Banking Group at NBK, Mr. Anas AlUbaid, Managing Director of NBK -KSA, and Mr. Qais Al-Ateeqi, Head of Unit – MENA Corporate Banking at NBK.

These strategic partnerships, which span diverse sectors from leasing to infrastructure development and energy projects, highlight NBK’s proactive approach to driving sustainable growth and fostering key collaborations. With a deep understanding of Saudi Arabia’s evolving economic landscape, NBK tailors its innovative financing solutions to align with the national agenda. The bank’s long-standing commitment to the region, combined with these high-impact deals, not only strengthens NBK’s market position, but also enhances its contribution to the Kingdom’s infrastructure development goals.

Strategic partnerships

Among the agreements reached, NBK signed a framework agreement with ACWA Power, valued at 2.6 billion SAR (approximately $690 million). This strategic partnership is designed to support ACWA Power’s ongoing expansion initiatives in Saudi Arabia and beyond. ACWA Power is the world’s largest private water desalination company, the first to embrace green hydrogen and a leader in the energy transition. The company operates in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia. NBK is committed to facilitating ACWA Power’s efforts to meet the growing demand for energy and water resources in the MENA region, further strengthening its commitment to sustainable development and innovation in these critical sectors.

Additionally, NBK entered into a credit facility agreement with AlGihaz Contracting Company worth over SAR 1.8 billion (approximately $480 million). This agreement aims to strengthen AlGihaz’s working capital requirements as it continues to deliver critical infrastructure projects. Specifically, NBK is financing one of three contracts that Al-Gihaz is using to help it execute the development of the world’s largest energy storage project in the Kingdom, with a capacity of up to 7.8 GWh. With over 45 years of experience, AlGihaz is a specialist contracting company renowned for its engineering, design and construction capabilities.

Additionally, NBK signed a credit facility agreement with Pan-Kingdom Holding Group, comprising Saudi Pan-Kingdom Company (SAPAC) and Pan-Kingdom Real Estate (PKRE), amounting to over SAR 1 billion (approximately $267 million). This agreement is intended to meet the group’s working capital and investment needs. With over 30 years of experience, Pan-Kingdom Holding Group operates in various sectors, including construction, manufacturing, operation and maintenance (O&M), transportation, water, real estate development, investment , among other activities, thus stimulating the economic growth of the Kingdom. and advance its strategic development objectives.

Finally, NBK signed a credit facility agreement with Alyusr Leasing and Financing Company for a total amount of SAR 750 million (approximately $200 million). This partnership aims to strengthen Alyusr’s financing activities to meet growing demand in the Kingdom. Alyusr is a leading financing and leasing company licensed by the Saudi Central Bank, specializing in consumer and commercial financing.

Commitment to strategic development

NBK’s IBG has developed a strong presence in the region, with a team of more than 300 senior corporate bankers across 11 countries. In Saudi Arabia, NBK has established a strong corporate banking presence with over 30 corporate bankers, working with some of the Kingdom’s largest and most reputable clients, both in the public and private sectors.

As a key player in the Kingdom’s financial landscape, NBK is dedicated to facilitating economic growth and diversification in line with Vision 2030. The bank’s agreements with key local and international players underline its commitment to supporting major projects of infrastructure and energy that will shape the future of Saudi Arabia.

International banking group: a pioneer in global expansion

The International Banking Group (IBG) of the National Bank of Kuwait (NBK) demonstrates the bank’s commitment to serving its customers beyond local borders. Established as the first national bank in the GCC and one of the first regional banks to expand internationally, NBK initiated its international expansion in the early 1980s. This strategic move marked the beginning of a journey that has since saw the Group expand its presence to 13 countries on four continents, with coverage extending to 50 countries across the world.

NBK employs more than 6,000 people worldwide, reflecting the diversity of its operations in Asia, Europe, North America and the Middle East. The Group’s adventure in Saudi Arabia began in 2006 with a single branch in Jeddah, which has since expanded to three branches in Jeddah, Riyadh and Khobar.

IBG, which includes branches and subsidiaries abroad, constitutes an essential pillar of the growth of the NBK group. The strength of this network is reinforced by the Group’s regional and international expertise, as well as a constant commitment to maintaining the best banking standards. With a focus on improving the customer experience, IBG is dedicated to generating substantial value for its customers.

The Group’s international operations play a vital role in strengthening NBK Group’s revenues. In the first half of 2024, these operations contributed 24% of the Group’s net operating income, 23% of profits and an impressive 40% of total assets. These figures underline the solidity of the Group’s operational performance and underline the success of its diversification strategy.

As NBK continues to expand its international presence, IBG remains integral to its mission of providing exceptional financial services and innovative solutions to clients around the world. With this international strategic approach, NBK is well-positioned to navigate the complexities of the global financial landscape while delivering unparalleled value to its clients.