Mobile Telecommunication Company Saudi Arabia (Zain Saudi Arabia) signed a long-term commercial loan facility agreement with the Industrial and Commercial Bank of China (ICBC), the new loan of SAR 2.25 billion replaces existing loans that the Company already has. 

The new loan facility has a duration of two years, extendable by one additional year.  At current market rates, the new facility will reduce Zain Saudi Arabia’s financing costs by approximately SAR 175 million over the period of the new loan.   

Wissam Farhat, Chief Finance Officer, of Zain Saudi Arabia said, “We are pleased to announce this foreign inward investment by Industrial and Commercial Bank of China which saves the Company approximately SAR 175 million over the term of the loan.  Reducing the cost of financing is an important element of Zain Saudi Arabia’s transformation plan.”

He said “Considering the massive challenges that the local and international financial markets are facing, we have been able to reach very competitive terms for this facility. Our partners Huawei played a vital part in in introducing Chinese banks to Zain.”

Farhat added, “The new agreement demonstrates the confidence that local and international lenders have in the Company”

Farhat continued, “I would like to thank Industrial and Commercial Bank of China, our strategic vendor Huawei, our existing lenders and the Zain Group for supporting the Company.”