Banking & Finance Saudi’s Rawabi Energy to use $1.9bn funding for expansion By Pramod Kumar July 25, 2023, 5:23 AM 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.
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Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 2 hours ago
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] 2 hours ago
