Zain KSA signs $433mn supplier financing deal with Al Rajhi Bank

By Arya M Nair, Official Reporter
  • Follow author on
Zain KSA_Al Rajhi Bank partnership
Rep.Image | Supplied

Zain KSA, the leading provider of communications and digital services in the Kingdom of Saudi Arabia, has signed a supplier financing agreement worth $433 million 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. 

Sultan bin Abdulaziz Al-Deghaither_Zain KSA secures financing from Al Rajhi Bank
Sultan bin Abdulaziz Al-Deghaither
CEO – Zain KSA

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.” 

“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,” Eng. Al-Deghaither added.

Waleed Al Mogbel, CEO and Managing Director of Al Rajhi Bank, stated that, “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.

Most Read | Saudi records near-universal access to internet reaching 99% in 2023