The Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank, has signed a strategic five-year Murabaha financing facility worth $75 million with Alfanar Company, in support of Alfanar’s renewable-energy projects, including a wind-power project in Spain.
Jamal Wadi, chief executive of Alfanar Global Development, said: “With an existing portfolio exceeding 1.5 GW of renewable development projects around the globe, Alfanar is committed to further double its portfolio in the next few years. The signing of the Murabaha agreement with Apicorp brings us a step closer to realizing our commitment. This partnership with Apicorp comes at a time when Alfanar is also diversifying its portfolio and venturing into new markets.”
Nicolas Thevenot, Apicorp’s managing director, head of corporate finance, said: “Apicorp is committed to encouraging Saudi companies in their pursuit of opportunities beyond their home market. In this particular case, we are happy to support Alfanar toward their renewable- energy projects globally. This is in line with Apicorp’s focus to support global sustainability through projects driven by environmentally conscious and renewable principles.”
Alfanar is a Saudi-based company headquartered in Riyadh and engaged in the manufacturing of electrical products, design engineering and O&M services, with activities focused in Middle East, Europe and Asia. The company has successfully leveraged its expertise in electrical equipment manufacturing and in the engineering, procurement and construction of power transmission and distribution projects in the Kingdom to develop and operate renewable energy projects globally.
Alfanar is aiming to tap into the growing demand for renewable energy around the globe. The company aims to deploy 3 GW by 2022, with an intention to grow the portfolio to 4-5 GW by 2025.
Baker & Mckenzie, Bahrain acted as Apicorp’s legal counsel on the financing, and Hogan Lovells, Dubai advised Alfanar.
Apicorp is a multilateral development bank established to foster the development of the Arab world’s energy sector and petroleum industries. The corporation is owned by the 10 Arab oil-producing countries and its headquarters are in Dammam.
Apicorp agrees $75m Murabaha term facility with Alfanar
Apicorp agrees $75m Murabaha term facility with Alfanar
Dammam Airports partners with KaarTech to transform IT services
Dammam Airports, a key player in Saudi Arabia’s aviation sector, has partnered with KaarTech to deliver end-to-end IT managed services across its airport network in the Eastern Province.
This milestone advances Saudi Arabia’s Vision 2030 and strengthens Dammam Airports’ commitment to delivering world-class travel experiences. The collaboration was inaugurated through an official signing ceremony attended by Mohammed Al-Hassany, CEO of Dammam Airports, and Shahinsha Abdul Basheer, CEO of KaarTech, signifying a shared commitment to shaping the future of Saudi Arabia’s aviation through innovation and intelligent technology.
Recognized as one of the world’s largest airports by land area, Dammam Airports connects more than 12 million passengers each year and plays a vital role in strengthening the Kingdom’s aviation growth. With this partnership, the company is set to transform its IT landscape into a secure, scalable, and intelligent environment that supports the complexities of modern airport operations.
KaarTech will manage the complete IT landscape across three airports, covering infrastructure, cloud, and network operations, along with 24/7 service management. This engagement also includes comprehensive application support beyond SAP, enriched with automation, proactive governance, and predictive intelligence. KaarTech will enable Dammam Airports to achieve resilience, efficiency, and long-term scalability through a comprehensive AI governance approach that embeds transparency, accountability, and innovation into every layer of IT operations, positioning the company as a trusted driver of aviation modernization.
This partnership aims to transform IT from a back-end function into an AI-enabled strategic driver of business performance and passenger experience. From ensuring business continuity and strengthening operational reliability to enabling connected, insight-driven airport services, the collaboration reflects a shared commitment to data-driven, intelligent, and sustainable aviation.
Through this engagement, KaarTech reaffirms its position as a trusted partner in AI-led enterprise transformation, delivering deep expertise in managing complex technology ecosystems with intelligence and precision. For Dammam Airports, the partnership represents a decisive step in aligning operational excellence with the national vision for innovation, digital connectivity, and long-term growth.
Together, the two organizations will drive smarter airport operations and deliver sustainable value for the Kingdom’s growing aviation ecosystem.
