NBK, Shomoul Holding Company ink financing facility agreement
KUWAIT: National Bank of Kuwait (NBK), as part of a consortium of four banks, has formally inked a SAR4.35 billion financing deal with Shomoul Holding Company to fund Phase 1 of the Avenues Khobar project.
The consortium including Arab National Bank, Saudi Awwal Bank (SAB), and Riyad Bank were among the banks engaged in financing the project, in collaboration with Saudi Arabia’s Tourism Development Fund(TDF) aims to fund Phase 1 of the Avenues Khobar project, encompassing both the commercial mall and a multifunctional tower.
The signing ceremony was attended by senior executives, including Isam J Al-Sager, Vice Chairman and Group CEO of National Bank of Kuwait Group, Mohammed Al-Shaya, Chairman of the Board of Directors of Shomoul Holding Company, Qusai AI-Fakhri. Chief Executive Officer at Tourism Development Fund, Louai Al-Zaher, Head of Wholesale Banking Group at Arab National Bank, Mohammed Abu Al-Naja, Executive Vice President, Corporate Banking at Riyad Bank, and Mohammed Al-Mohsen, Regional Head of Multinational Corporate at Saudi Awwal Bank.
The ceremony was attended by Shaikha Al-Bahar, Deputy Group CEO of NBK, and Sulaiman Al Marzouq, Deputy CEO of NBK-Kuwait, and Sulaiman Al-Fulaij Deputy Head, Domestic Corporate Banking Group. The Avenues Khobar, located at the crossroads of King Saud Road and Prince Sultan Road in the heart of Al-Khobar’s northwestern sector, is a ground-breaking project. It ranks among the Eastern Province’s most extensive and pioneering endeavors, set to redefine shopping and entertainment paradigms. This project is projected to greatly elevate the region’s tourism sector and service offerings.
Spanning a leasable area of 70,000 square meters, this vast expanse encompasses 8 distinct shopping zones, 10 cinema halls, and exclusive entertainment zones. Additionally, the project features two towers: the first tower hosts a hotel, while the second tower accommodates a hotel, conference halls, office spaces, and a substantial parking area capable of housing over 6,000 vehicles.
Shomoul Holding Company has recently announced that Al Kifah Contracting Company and Al Ahmadiah Contracting Company were chosen as the main contractors of the project, with a contract value of SAR3.660 billion. Shomoul Holding Company was established in 2014 as a joint venture involving three key entities: Al-Mabanee Company, Al-Fawzan Group, and Al-Shaya Group, resulting in a Saudi-Kuwaiti cooperation. This strategic partnership draws on these partners’ substantial knowledge and experience in GCC and the Middle East.
NBK maintains its prominent position as the major financial institution for funding mega transactions and projects in Kuwait and throughout the region, thanks to its strong balance sheet and extensive expertise. Moreover, its enduring success is underpinned by the exceptional and long-standing relationships it cultivates with clients, fostering sustainable and mutually beneficial partnerships, in the local and international markets.
Continuing its legacy, NBK actively pursues opportunities within the local and regional landscapes. Leveraging its historical leadership in spearheading significant collaborations and funding pivotal strategic initiatives across various sectors, NBK solidifies its pioneering role as the bank of choice for major local and regional corporations, aiding in financing their expansion endeavors.
