nogaholding signs $200m revolving credit facility
The Oil and Gas Holding Company (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 Majesty King Hamad’s representative for humanitarian work and youth affairs and nogaholding chairman Shaikh Nasser bin Hamad Al Khalifa.
nogaholding group chief executive (CEO) 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.
“Seeking diverse financial solutions for nogaholding will help support the company’s financial plans, and meet our mandates that are in line with Vision 2030, and the goals set out by His Royal Highness Shaikh Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, during COP26,” he added.
AIB CEO Hamad Al Oqab 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.”
KHCB CEO Sattam Algosaibi said, “This partnership embodies the role assumed by the banking sector towards supporting 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 economy’s most important components: the energy sector.”
BisB CEO Yaser Alsharifi 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. 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.”
NBK Bahrain general manager Ali Fardan 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 Vision 2030.”
Source: https://www.gdnonline.com/Details/1173359
