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HomeNewsnogaholding Signs $200M Revolving Credit Facility with Al Baraka Islamic Bank

nogaholding Signs $200M Revolving Credit Facility with Al Baraka Islamic Bank

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The Oil and Gas Holding Company B.S.C. (c) (“nogaholding”) has signed a $200 million revolving credit facility led by Al Baraka Islamic Bank (AIB), and a syndicate of lenders, including Bahrain Islamic Bank (BisB), Khaleeji Commercial Bank and, the National Bank of Kuwait (NBK) – Bahrain. The facility was structured as an Islamic Murabaha financing scheme.

This comes as nogaholding prepares to undergo a strategic transformation, moving from a traditional oil and gas holding company to a progressive and responsible energy company, under the leadership of His Highness, Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Works and Youth Affairs, Chairman of nogaholding.

Commenting on the agreement, Group Chief Executive Officer of nogaholding, Mr. Mark Thomas, said: “As an active contributor and growth catalyst in the local economy, nogaholding will continue engaging with leading financial institutions to accelerate the Kingdom’s energy strategy in line with the vision of His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Shaikh Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the sector.”

“Seeking diverse financial solutions for nogaholding will help support the Company’s financial plans, and meet our mandates that are in line with the Kingdom’s Economic Vision 2030, and the goals set out by His Royal Highness the Crown Prince during COP26”, he added.

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For his part, Mr. Hamad Abdulla Al Oqab, CEO of Al Baraka Islamic Bank, stated: “We are delighted to sign this agreement with the main developer and investor in the Kingdom’s energy sector to manage one of the largest Sharia-compliant renewable credit facilities in the sector. This step will grant nogaholding the flexibility in diversifying sustainable financing sources and applying best practices in managing financial assets and liabilities, while continuing its sound approach in managing working capital and enhancing the liquidity position to serve the development projects of the promising energy sector in the Kingdom.”

He added: “Al Baraka Islamic Bank, through its unwavering belief in participation, mutual trust and strong relations with its partners, continues its relentless endeavors to provide quality banking products and financing solutions that positively impact the performance of its partners and enable them to achieve their expansion and development ambitions, in a way that benefits the final outcome on the growth of the national economy and the development of promising economic sectors.”

For his part, Mr. Sattam Sulaiman Algosaibi, CEO of Khaleeji Commercial Bank (KHCB), said “This partnership embodies the role assumed by the banking sector towards supporting the Kingdom of Bahrain’s economy. This agreement will certainly contribute to strengthening the financial position of the company and will reflect on efforts exerted to maximise the contribution of one of the Bahraini economy’s most important components: the energy sector, in addition to being a clear indication of national banks’ keenness to work in the spirit of Team Bahrain with the aim to advance the Kingdom’s economy by supporting this vital sector.”

Mr. Algosaibi further added “Since its inception, KHCB has been committed to actively contribute to all national efforts and endeavours aimed at promoting economic growth and meeting the aspirations of the Kingdom’s wise leadership to develop various vital sectors, by providing innovative banking solutions complaint with Sharia principles through the establishment of strategic partnerships with the public and private sectors. We will continue this approach as such partnerships are a priority in our business model.”

On his end, Mr. Yaser Alsharifi, CEO of Bahrain Islamic Bank (BisB), said: “As a leading Sharia-compliant financial institution in the Kingdom, we remain firmly committed to continue to actively contribute to uplifting the local economy of the Kingdom of Bahrain encouraging an upward trajectory of growth, as well as support the sustainable development of the energy sector at large. We are incredibly proud to participate in this initiative and support nogaholding, a company that plays a vital role in supporting Bahrain’s development efforts.”

On this occasion, Mr. Ali Fardan, General Manager of NBK – Bahrain stated: “NBK Bahrain is delighted and honoured to take part in supporting nogaholding’s financial plans which aim to contribute to the growth of the Kingdom’s energy sector in line with Bahrain’s economic Vision 2030.” 

He added, “NBK Bahrain continues its commitment towards supporting major and strategic projects across the Kingdom of Bahrain and increasing its footprint in the Corporate Banking Sector within Bahrain through the support from NBK Group.”

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