Al Rajhi Bank and Zain Saudi Arabia Sign SAR 1.6 Billion Deal to Finance Supply Chains and Receivables

Al Rajhi Bank announced the signing of a supplier financing contract worth SAR 1.625 billion with Zain Saudi Arabia, the leading provider of communications and digital services in the Kingdom. This financing agreement aims to invest in expanding Zain’s fifth-generation (5G) network and enhancing the infrastructure to support the business sector.

With this investment, Zain Saudi Arabia will significantly expand its qualitative investments in its 5G network across the Kingdom, enhancing its portfolio with innovative digital solutions and applications tailored for individual customers and the business sector. This initiative is set to provide the latest and most advanced digital experiences.

Mr. Waleed Al-Mugbel, Managing Director and CEO of Al Rajhi Bank, expressed his enthusiasm about the partnership, stating, “Al Rajhi Bank is delighted to deepen our collaboration with Zain Saudi Arabia. This agreement will open new horizons for the development of the communications and digital services sector in the Kingdom. We are proud to support the achievement of Vision 2030 goals, particularly digital transformation, as Zain is a leading company in digital empowerment in the Kingdom.”

Engineer Sultan bin Abdulaziz Al-Deghaither, CEO of Zain Saudi Arabia, commented, “At Zain Saudi Arabia, we are committed to an integrated strategy that balances achieving our core objectives of empowering our individual and business customers with the latest technologies and digital solutions, and supporting the aspirations of our shareholders and investors to maximize value. Our partnership with Al Rajhi Bank aligns with the ambitions of Vision 2030, aiming for sustainable digital transformation and contributing to a new era of digital innovation in the Kingdom. This financing agreement supports our strategy to provide a distinguished customer experience, innovative services, and enhanced services for religious tourism, particularly for pilgrims.”

Last year, Al Rajhi Bank signed a memorandum of understanding with Zain Saudi Arabia to form a strategic partnership, allowing closer cooperation between the leading bank in the banking sector and one of the most important telecommunications companies in the Kingdom. This latest agreement further solidifies this strategic partnership, highlighting the mutual commitment to enriching the digital landscape in Saudi Arabia.