New Laws of Commercial Registration and Trade Names take effect on Thursday    Civil Defense warns of heavy rains across Saudi Arabia until Monday    Saudi Exchange suspends trading of seven companies over financial disclosure delays    New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    EU preparing 'further countermeasures' to protect its interest, von der Leyen says    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SHB extends SR460m Islamic loan to NPC
Published in The Saudi Gazette on 23 - 05 - 2012

The financing arrangement was signed by Saudi Hollandi Bank's Regional Manager for Corporate Banking in the Western Region Ghassan Nassief and National Prawn Company's Managing Director Ahmed Al-Balla'a (seated, left), in the presence of SHB's Managing Director Dr. Bernd van Linder (standing, middle) and other company officials.
JEDDAH — Saudi Hollandi Bank (SHB) will provide the National Prawn Company (NPC) with SR460 million of Islamic funding to support the firm's long-term growth ambitions, including the second phase development of its Red Sea prawn and fish cultivation projects, a statement said Tuesday.
The funding is one of the biggest single bank transactions to date for a private sector company in Saudi Arabia in the aquaculture sector.
The financing arrangement, which was signed by Saudi Hollandi Bank's Regional Manager for Corporate Banking in the Western Region Ghassan Nassief and National Prawn Company's Managing Director Engineer Ahmed Al-Balla'a, in the presence of SHB's Managing Director Dr. Bernd van Linder, will enable the National Prawn Company to expand its prawn farming capacity through the addition of 5 new farms. This substantially increases the company's capabilities to produce and export its world-class seafood.
"This funding will support National Prawn Company's growth aspirations and expansion plans. We believe that the financing will help National Prawn Company rapidly increase its productivity and competitiveness. This agreement, one of the largest ever between a single bank in Saudi Arabia and a private sector firm in the aquaculture industry, underlines Saudi Hollandi Bank's support for the Kingdom's economy and Saudi-owned companies, as well as the country's stated aim of diversifying its economy. Today, National Prawn Company is one of the largest sustainable producers of seafood in the Middle East and we are proud to play a role in National Prawn Company's growth and development as a global exporter," said van Linder.
"Saudi Hollandi Bank has long played a leading role in the Islamic banking industry. We have forged a reputation as a bank that is innovative and forward-thinking when it comes to Shariah-based services, and the bank is proud of its history of offering a range of financing solutions that are both Shariah-compliant and appropriate to the needs of our corporate customers. Our aim is to make sure that our corporate customers have access to funding that is both in line with Islamic principles and that is flexible enough to support their growth over the short, medium and long term. Our corporate sector Shariah-compliant products have allowed Saudi Hollandi Bank to strengthen its private sector customer base and provide higher levels of funding to Saudi-based companies which in turn supports the Saudi government's aim of expanding and diversifying the nation's economy."
Founded over two decades ago, NPC currently produces over 18,000 tons a year of white prawns for sale in Saudi Arabia and abroad. The funding will significantly increase the company's production capacity at its Red Sea facilities to 32,000 tons a year on completion of the expansion phase. "We are delighted to have reached this agreement with Saudi Hollandi Bank," said Al-Balla'a.
"Saudi Hollandi Bank was able to meet our financing needs in a way that complied with our Islamic-financing principles and also in a timely fashion. This funding will provide us with the resources to add 5 prawn farms, each consisting of 28 to 30 ponds, each pond measuring about 10 hectares. This expansion will ensure that National Prawn Company can retain its position as one of the largest fully integrated prawn farms in the world."
"Our prawns are exported globally, to markets such as Britain, Spain, Japan, Korea, America, China and Australia. We have been ISO 9001, 14001, and 22000 certified and we also own the British Retail Consortium certification. Our shrimps are of the highest quality, antibiotic free and our farms are fed directly from the pristine, crystal clear waters of the Red Sea. We believe that sustainability is essential to our growth and every aspect of our prawn production, from hatchery to pond to plate, is monitored and traceable. We consider ourselves a Saudi success story and consider Saudi Hollandi Bank our long-term partner for growth and expansion," Al-Balla'a added.


Clic here to read the story from its source.