SNB calls its USD 1.25 bn AT1, Cenomi picks its Al Khobar builder, Fakeeh Care gets a SAR 2.2 bn credit package

Saudi National Bank (SNB) will redeem its USD 1.25 bn Additional Tier 1 Sukuk in full on 26 July, it said in a Tadawul disclosure. The sukuk — 6.25k certificates issued in January 2021 at a par value of USD 200k per certificate — will be redeemed at face value plus any outstanding payments. The bank secured regulatory approval for the move. Citibank’s London branch is acting as principal paying agent.

REMEMBER- SNB has been active in capital markets this year. In January, it upsized its syndicated term loan to USD 1.5 bn from USD 1 bn after attracting 37 banks — with Chinese and Taiwanese lenders putting up nearly two-thirds of the facility, a sign of SNB’s push to diversify its funding base beyond traditional Western sources.

Lynx Contracting to build Cenomi’s largest Eastern Province mall

Cenomi Centers has selected Lynx Contracting to build its Al Khobar Downtown Mall and Boulevard project, signing an SAR 1.33 bn design-and-build contract, it said in a Tadawul disclosure. The scope covers design, engineering, construction, supply, installation, testing, and commissioning through to full handover, with a 36-month delivery timeline.

The contract is a related-party transaction: Chairman Fawaz Alhokair, Vice Chairman Salman bin Abdulaziz Alhokair, and Managing Director Kamel Alqalam all hold direct or indirect interests in Lynx. The relevant board members sat out the vote, and the contract will go to the General Assembly and regulator for approval.

REMEMBER- Cenomi had signed an agreement with PIF-owned Saudi Downtown Company in March to build its largest mall in the Eastern Province — with Cenomi responsible for selecting the contractors and engineers. Completion is expected three years after regulatory approvals come through.

Fakeeh Care loads up on credit

Fakeeh Care Group pulled in SAR 2.2 bn across two shariah-compliant credit facilities. Saudi National Bank is providing SAR 1.25 bn — SAR 1 bn long-term and SAR 250 mn short-term for treasury purposes — while Saudi Awwal Bank is contributing SAR 950 mn, split into SAR 800 mn long-term and SAR 150 mn short-term. Both facilities are secured against promissory notes only and earmarked for the group’s expansion and growth plans.

REFRESHER- The move follows Fakeeh Care’s recent antitrust clearance for its full acquisition of Al Fagih earlier this month.

A smoother path to the sandbox

The Saudi Central Bank (Sama) has updated its Regulatory Sandbox Service, automating and streamlining application submission, according to a statement. Driven by growing demand to test new fintech models under the bank’s supervision, the updated service is now available on the Sama e-services portal.

REMEMBER- The Sandbox Service is one of two initiatives that give fintech players the chance to trial digital financial solutions in a live environment, the other being the Capital Market Authority’s Fintech Lab.