Riyadh, KSA: Bahri, the National Shipping Company of Saudi Arabia and a global leader in maritime transportation and logistics, signed a landmark Murabaha Financing Agreement with Alinma Bank to secure financing to support its fleet modernization program.

Mr. Basil Abulhamayel, Chief Financial Officer at Bahri and and Mr. Jameel AlHamdan, Chief Corporate Banking Group at Alinma Bank, signed the agreement on behalf of their respective organizations. Senior executives from both sides were present at the signing ceremony.

Under the terms of the facility agreement, Alinma Bank will extend a credit facility worth USD 756 million (SAR 2.835 billion) to partially finance the purchase of nine state-of-the-art Very large Crude Carriers (VLCCs) intended to streamline the process of phasing out older vessels, to further strengthen its position as a global leader in maritime logistics and transportation.

Commenting on the agreement, Mr. Basil Abulhamayel, Chief Financial Officer at Bahri, said: “We are delighted to partner with Alinma Bank to finance one of our significant fleet modernization drives. The enhanced financial capabilities from this collaboration will fuel our efforts to improve our overall fleet competitiveness that will lead to enhancing the company’s revenues and profitability, aligning with our long-term strategic goals. With these strengthened capacities, we are confident in supporting the Kingdom's vision to become a global leader in maritime and logistics in line with Vision 2030.”

Mr. Jameel AlHamdan, Chief Corporate Banking Group at Alinma Bank said: “We are pleased to finance one of Bahri’s key strategic vessels acquisitions in recent years. This collaboration aligns with our ongoing commitment to Vision 2030 and supports our strategic initiatives to enhance Alinma Bank’s position as the preferred financial partner for the public and private sectors.”

Strategic fleet modernization has always been a core focus of Bahri’s strategy. Leveraging the Kingdom's strategic location, the company has been actively expanding into new sectors and global markets.