KUWAIT: National Bank of Kuwait (NBK) is proud to announce the signing of several landmark agreements on the sidelines of the prestigious 8th Edition of the Future Investment Initiative (FII), with a total value of SAR 6.2 billion (approximately $1.6 billion). These agreements underscore NBK’s commitment to playing a pivotal role in contributing to Saudi Arabia’s Vision 2030, as the bank continues to expand its presence across the Kingdom. By partnering with leading industry players, NBK strengthens its reputation as a trusted financial partner dedicated to supporting the Kingdom’s ambitious economic transformation and infrastructure development.
The signing ceremony was attended by Shaikha Al-Bahar, Deputy Group CEO of National Bank of Kuwait, Zaid Isam Al-Sager, Deputy CEO - International Banking Group, Meshari Hamad Bin Salamah, Deputy General Manager, Head of International Corporate & Commercial Real Estate, International Banking Group at NBK, Anas Al-Ubaid, General Manager of NBK-KSA, and Qais Al-Ateeqi, Unit Head - MENA Corporate Banking at NBK.
These strategic partnerships, which span various sectors ranging across financial leasing, infrastructure development, and energy projects, highlight NBK’s proactive approach in driving sustainable growth and fostering key collaborations. With a deep understanding of Saudi Arabia’s evolving economic landscape, NBK tailors its innovative financing solutions to align with the national agenda. The bank’s long-standing commitment to the region, combined with these high-impact agreements, not only reinforces NBK’s market position but also enhances its contribution to the Kingdom’s infrastructure development goals.
Strategic partnerships
Among the agreements reached, NBK has signed a Framework Agreement with ACWA Power, valued at SAR 2.6 billion (approximately $690 million). This strategic partnership is designed to support ACWA Power’s ongoing expansion initiatives within Saudi Arabia and beyond. ACWA Power is the world’s largest private water desalination company, the first mover into green hydrogen, and a leader in energy transition. The company operates in 13 countries across the Middle East, Africa, Central Asia, and Southeast Asia. NBK is committed to facilitating ACWA Power’s efforts to address the increasing energy and water resource demands of the MENA region, reinforcing its dedication to sustainable development and innovation in these critical sectors.
In addition, NBK has established a Credit Facility Agreement with Al-Gihaz Contracting Company valued at more than SAR 1.8 billion (approximately $480 million). This agreement aims to bolster Al-Gihaz’s working capital requirements as it continues to deliver critical infrastructure projects. Specifically, NBK is financing one of three contracts that Al-Gihaz is utilizing to support it with executing on the development of the world’s largest energy storage project in the Kingdom, with a capacity of up to 7.8GWh. With over 45 years of experience, Al-Gihaz is a specialized contracting company renowned for its engineering, design, and construction capabilities.
Furthermore, NBK signed a Credit Facility Agreement with the Pan-Kingdom Holding Group, including Saudi Pan-Kingdom Company (SAPAC) and Pan-Kingdom Real Estate (PKRE), amounting to over SAR 1 billion (approximately $267 million). This agreement is intended to support the group’s working capital and investment needs. With more than 30 years of experience, Pan-Kingdom Holding Group operates across various sectors, including construction, manufacturing, operation and maintenance (O&M), transportation, water, real estate development, investment, among other activities, thereby driving the Kingdom’s economic growth and advancing its strategic development goals.
Lastly, NBK signed a Credit Facility Agreement with Alyusr Leasing and Financing Company totaling SAR 750 million (approximately $200 million). This partnership aims to enhance Alyusr’s financing activities to meet the increasing demand in the Kingdom. Alyusr is a leading financing and leasing company licensed by the Saudi Central Bank, specializing in consumer and commercial financing.
Commitment to strategic development
NBK’s IBG has developed a strong presence in the region, with a team of over 300 seasoned corporate bankers across 11 countries. In Saudi Arabia, NBK has established a strong corporate banking footprint with over 30 corporate bankers, collaborating with some of the Kingdom’s largest and most reputable clients across both the government and private sectors.
As a key player in the financial landscape of the Kingdom, NBK is dedicated to facilitating economic growth and diversification in line with Vision 2030. The bank’s agreements with key local and international players underscore its commitment to supporting major infrastructure and energy projects that will shape the future of Saudi Arabia.
International Banking Group: A pioneer in global expansion
National Bank of Kuwait’s (NBK) International Banking Group (IBG) stands as a testament to the bank’s commitment to serving its customers beyond local borders. Established as the first national bank in the GCC and one of the first regional banks to expand internationally, NBK initiated its international expansion in the early 1980s. This strategic move marked the beginning of a journey that has since seen the Group extend its reach to 13 countries across four continents, with coverage extending to 50 countries across the world.
NBK employs over 6,000 staff globally, reflecting its diverse operations across Asia, Europe, North America, and the Middle East. The Group’s journey in Saudi Arabia commenced in 2006 with a single branch operation in Jeddah, which has since expanded to three branches in Jeddah, Riyadh, and Khobar. IBG, which comprises overseas branches and subsidiaries, serves as a vital pillar of NBK Group’s growth. The strength of this network is reinforced by the Group’s regional and international expertise, alongside a steadfast commitment to maintaining the highest banking standards. With a focus on enhancing customer experience, IBG is dedicated to generating substantial value for its clients.
The Group’s international operations play a critical role in bolstering NBK Group’s revenues. In the first half of 2024, these operations contributed 24 percent of the Group’s net operating income, 23 percent of profits, and an impressive 40 percent of total assets. These figures highlight the robustness of the Group’s operational performance and underscore the success of its diversification strategy.
As NBK continues to expand its international footprint, IBG remains integral to its mission of providing exceptional financial services and innovative solutions to clients around the globe. Through this strategic international approach, NBK is well-positioned to navigate the complexities of the global financial landscape while delivering unparalleled value to its customers.