The National Commercial Bank (NCB) and Southern Province Cement Company (SPCC) have entered into a financing agreement of Islamic Tayseer, amounting to SR700 million for five years.
Prince Abdullah bin Musa’ad bin Abdul Rahman, chairman of the Southern Province Cement Company and Mansour S. Al Maiman, Chairman of the National Commercial Bank, signed the deal in Riyadh in the presence of officials from SPCC and NCB Corporate Banking group.
Al-Maiman praised SPCC confidence and trust in selecting NCB to be a financing partner for the development and production work in the company, and expressed appreciation to Prince Abdullah bin Musa’ad for selecting NCB to provide support such big national development project that SPCC introduces for Saudi Arabia.
“Financing a big and leading company the Kingdom and the region in the cement sector, comes in the context of SPCC’s capital expansion to meet its requirements and support its investments,” Al Maiman added.
He said: “It is also consistent with NCB vision in supporting the vital sectors of the Saudi economy. The size of finance provided by NCB to support corporate sector was estimated at SR121 billion over the last year, with an increase of 13 percent compared to the previous year.”
He said: “The NCB’s vision is to finance the institutional and industrial sector with strategic development plans in order to meet the requirements of economic growth in the Kingdom. The bank has plans to continue financing the mega, medium and small enterprises with a view to encourage and support all Saudi economic productive sectors.”
Saeed Al-Ghamdi, CEO of NCB, saidthe bank is the pioneer in the field of financing the corporate sector, where the bank’s market share in this area is 16 percent, which is the highest compared to the competition banks.
Al-Ghamdi said the bank had signed a lot of agreements to finance national projects and companies that contribute in the development of the Kingdom.
The bank is endeavoring to introduce innovative new products compliant with Shariah meet the requirements of its customers in various sectors of the national economy, he said.
“These are the main pillars that NCB seeks to achieve through its continuous interest to provide the best services and financing programs for its customers, which showcases its leadership in this area. NCB is a strategic financer of many companies in the industrial sector with a share of 25 percent of the bank’s total financing of the corporate sector.” Al-Ghamdi said.