AL KIFAH Holding Company has recently signed a SR600 million syndicated Islamic Murabaha facility agreement with a group of GCC banks. The mandated lead arrangers for the six-year Murabaha facility are Gulf International Bank (GIB), National Commercial Bank, Samba Financial Group and Banque Saudi Fransi. GIB Capital, the Riyadh-based investment services arm of GIB, acted as the financial advisor to Al Kifah Holding, a leading producer of building and construction materials in Saudi Arabia. Saleh Al Afaliq, Director of Finance of Al Kifah Holding, said the access to long-term funding will strengthen the company's balance sheet and facilitate its planned growth. Srinivas Vemparala, CEO of GIB Capital, said: "We are pleased to have provided financial advice to Al Kifah Holding in their syndicated Murabaha Facility. This facility will further strengthen the Group's balance sheet and prepare them for their future growth." GIB Capital was established in 2008 as a fully-owned subsidiary of GIB to carry out investment banking activities within Saudi Arabia and is duly authorized by the CMA. GIB is a leading bank in the Middle East with its principal focus on the GCC states. Its primary shareholder is the Public Investment Fund of Saudi Arabia. – SGThe bank provides client-focused, innovative financial products and services to a wide customer base in the region, including asset management, IPOs, private equity placement, mergers & acquisitions, sukuk/bond issues and Shariah-compliant banking services.
