18 Muharram 1446 - 24 July 2024
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Eye of Riyadh
Business & Money | Sunday 19 May, 2024 10:32 am |

Zain KSA Secures SAR 1.625 Billion Supplier Financing from Al Rajhi Bank

Zain KSA, the leading provider of communications and digital services in the Kingdom of Saudi Arabia, announced the signing of a supplier financing agreement worth SAR 1.625 billion with Al Rajhi Bank to invest in expanding its 5G network and strengthening its infrastructure to support the business sector. This competitively rated financing solution will enable Zain KSA to expand its investments in its 5G network nationwide and enrich its portfolio with innovative digital solutions and applications targeting its individual and business users, ensuring they enjoy top-notch digital experience. 


Commenting on this agreement, Eng. Sultan Bin Abdulaziz Al-Deghaither, Zain KSA’s CEO, said: "At Zain KSA, we adopt an integrated strategy, balancing between achieving our core goals of empowering our individual and business customers and providing them with cutting-edge technologies and digital solutions, along with maximizing value for our shareholders and investors. Simultaneously, our strategy supports our astute leadership’s ambitious Saudi Vision 2030 and its goal of achieving a nationwide sustainable digital transformation, marking the beginning of a new era of digital innovation across the Kingdom. Today, this competitively rated supplier financing agreement between Zain KSA and the nationally renowned Al Rajhi Bank underscores our joint efforts to foster an enriched and inclusive digital experience across the Kingdom, mirroring Zain KSA’s strategy to provide exceptional customer experience and innovative services, including distinguished spiritual tourism services for pilgrims."


On his part, Waleed Al Mogbel, CEO and Managing Director of Al Rajhi Bank, stated: "Our partnership with Zain KSA, the longstanding Saudi telecom leader, will open up new horizons for the development of the Kingdom’s telecommunications and digital services sector. At Al Rajhi Bank, we are glad to be a key partner supporting Zain KSA's ambitious goals and strategic plans for nationwide digital empowerment."


Through targeted investments, Zain KSA cements its role as a national champion, powering up the Kingdom's digital capabilities and infrastructure. This translates to broader access to cutting-edge technology and digital services for everyone –individuals, businesses, and institutions - paving the way for a vibrant society and a thriving, knowledge-based economy.


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