Banking & Finance Saudi’s Rawabi Energy to use $1.9bn funding for expansion By Pramod Kumar July 25, 2023 Rawabi Energy The Rawabi Energy deal is one of the largest private sector syndicated financings in Saudi Arabia Saudi Arabia’s Rawabi Energy has secured SAR7.175 billion ($1.9 billion) worth of syndicated financing in Saudi riyals and US dollars to support its expansion. The deal, which was 1.33 times oversubscribed, will accelerate its growth plans, underpinned by a full capital structure take-out and refinancing of existing debt, the company said in a statement. HSBC Saudi Arabia was the sole structuring bank, while Gulf International Bank was the joint global coordinator. Financing agreed for $2.2bn Saudi solar project Saudi bourse owner’s profit dips 24% to $28m in Q2 2023 SNB plan to take 40% Credit Suisse stake halted by regulator The mandated lead arrangers included Saudi Awwal Bank (SAB), Saudi National Bank, Alinma Bank, Riyad Bank, Bank Al Jazira, and Al Rajhi Bank. The UAE’s First Abu Dhabi Bank was also involved in the deal. The company, a subsidiary of Rawabi Holding Group, said the transaction was “one of the largest private sector syndicated financings in Saudi Arabia”. Abdulaziz Ali AlTurki, chairman of Rawabi Energy, said the transaction will support its growth and position the company as a “national champion”. Rawabi Energy was established as a closed joint stock company in 2020 to consolidate Rawabi Holding Group’s energy services operations. Its subsidiaries include Rawabi Vallianz Offshore Services, Rawabi Oil & Gas and United Safety Ltd in Canada.