Skip to content Skip to Search
Skip navigation

Saudi’s Rawabi Energy to use $1.9bn funding for expansion

The Rawabi Energy deal is one of the largest private sector syndicated financings in Saudi Arabia 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.

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.

Latest articles

It is hoped the use of AI will speed up the time-consuming process of screening patients for cancer

Mubadala-backed US startup working on AI cancer care

A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […]

Gems operates more than 60 schools with over 130,000 students across the Middle East and North Africa

Brookfield to invest in Dubai’s Gems Education

A consortium led by Canada’s Brookfield Asset Management is to invest in Gems Education, the UAE’s private school operator. Other members of the group include Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan. Financial details were not disclosed but the investment is expected to be almost $2 […]

Two companies are dominant in the lithium industry – Chile’s SQM and US business Albemarle. In 2023, each commanded about 20 percent of global supply

Saudi Arabia targets Chile for lithium investments

Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […]

Oman's tourism revenue increase was driven by a 15 percent rise in hotel guest numbers

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]