Abdul Aziz Al Ajlan Sons Co. for Commercial and Real Estate Investment (Ajlan & Bros) has secured its first syndicated unsecured USD 300 million, seven-year term Murabaha facility. The financing was arranged with the participation of regional and Saudi banks.
The company stated that this new facility will help diversify its funding sources and support its expansion plans.
Gulf International Bank – Saudi Arabia (GIB), First Abu Dhabi Bank (FAB), and Kuwait Finance House B.S.C. (C) served as Initial Mandated Lead Arrangers and Bookrunners for the transaction. GIB also acted as the Sole Coordinator and Facility Agent.
Ajlan Abdulaziz Al Ajlan, Chairman of Ajlan & Bros, said: “The USD 300 million financing through a syndicated facility, which was subscribed by leading regional banks, is a testament to the appeal and confidence in the Saudi market, and in the Ajlan Group’s expansion plans, in key strategic sectors aligned with Vision 2030”.
Khaled Abbas, CEO of GIB – Saudi Arabia, commented: “We are honoured to have successfully led this landmark transaction for Ajlan & Bros. The strong backing and participation of leading regional banks highlights the growing investor confidence and appetite for USD-denominated syndications for Saudi family-owned enterprises, particularly during this dynamic phase of economic transformation and growth in the Kingdom.
We are grateful for the trust the Company has placed in GIB for its debut offering and remain dedicated to delivering tailored financing solutions to diversify and optimise their sources of funding in support of sustainable long-term growth.”
