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Saudi's Alinma Bank examining further project funding

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 11 July 2009
ALINMA BANK: CEO of Saudi-based bank reiterated intention to open 15 branches within 2 weeks. (Getty Images)
ALINMA BANK: CEO of Saudi-based bank reiterated intention to open 15 branches within 2 weeks. (Getty Images)

Saudi-based Alinma Bank is considering new financing opportunities in the kingdom after it led a consortium in the funding of a $2.5 billion power plant, its chief executive said on Saturday.

"There are a number of projects that Alinma Bank contributed to and is currently looking at funding other projects like King Abdullah Financial Center among others," Abdulmohsen al-Fares told Reuters. He gave no details.

The 1.6 million square meter King Abdullah Financial District of the capital Riyadh aims to create a financial hub for banks, the stock exchange and its regulatory authority.

Alinma is leading a consortium of banks to fund the Rabigh power plant which state utility Saudi Electricity is setting up to meet rising power demand.

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Meanwhile, Fares reiterated that the bank wanted to open 15 branches within two weeks.

Three funds owned by the government of the world's largest oil exporter hold in equal shares 30 percent of Alinma's 15 billion riyal ($4bn) capital. The remainder is held by the public. The bank raised 10.5 billion riyals in an IPO in April 2008.

Alinma will be competing with 11 Saudi banks and several foreign banks, including National Bank of Kuwait and France's BNP Paribas. (Reuters)

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