Gulf International Bank — Saudi Arabia has announced the signing of a SR1.07 billion ($285.3 million) credit facility agreement with the Italian-listed multinational engineering group SAIPEM. The facility, in the form of a letter of guarantee, supports the company’s ongoing activities in the Kingdom.

SAIPEM is a leading oil and gas contractor with a nearly 50-year track record operating in Saudi Arabia where it has successfully delivered multiple onshore/offshore/drilling infrastructure projects. 

An official signing ceremony was held at GIB KSA headquarters in Alkhobar. Representing GIB was Abdulaziz Al-Helaissi, GIB’s group chief executive officer, and the relationship management team alongside Khaled Abbas, group head of wholesale banking. Present from SAIPEM was Jean-Luc Dubois, chairman of the board of directors of the main operative company in Saudi Arabia, and administration, finance and control regional manager — Middle East.

Al-Helaissi said: “GIB is proud to have signed this facility agreement with SAIPEM, supporting its ongoing activities in the Kingdom and in one of the most important sectors of the economy. We are pleased to be a go-to partner for large corporates, both local and foreign, operating in the Kingdom and will continue to build our position as a market leading financing bank.” 

Dubois added: “We are proud to collaborate with GIB as a trusted business partner supporting SAIPEM’s activities and growth perspectives in the Kingdom.”

GIB KSA provides retail, corporate and institutional customers across the Kingdom with a comprehensive offering of banking and financial services covering wholesale banking, asset management, investment banking and retail banking service via “meem” by GIB. 

The bank, which is the first to be headquartered in the Eastern Province, has branches in Dhahran, Riyadh and Jeddah, and was established as a local Saudi bank in April 2019 after having operated in the Kingdom for nearly 20 years as foreign branches of the pan-GCC GIB. The bank, during this time, has been a pioneer in the local market, having launched its meem digital banking services in 2015, making it the first digital bank in the region providing Shariah-compliant products for retail customers.

GIB Saudi Arabia is regulated by the Saudi Arabian Monetary Authority and has been established with a paid-up capital of SR7.5 billion. It is owned equally by GIB and the Public Investment Fund.

Unilever Arabia has announced the addition of the first-ever electric van to its fleet in the UAE. The incorporation of the 1-ton battery-powered van signifies a major stride in Unilever’s efforts toward reduced emissions via its logistics operations and achieving net-zero value chain emissions by 2039. 

As part of a strategic partnership with retailer Carrefour — which is owned and operated by Majid Al-Futtaim in the UAE — the EV van will initially deliver Unilever’s products to Carrefour’s Mall of the Emirates store. This will provide customers in Dubai with a sustainable delivery solution, reducing emissions by up to 15 percent in comparison with traditional vehicles. 

The region’s first EV van was launched in the presence of Youssef Lootah, CEO, corporate strategy and performance sector, Dubai Department of Tourism and Commerce Marketing, along with Ahmed Kadous, Unilever’s head of supply chain MENA and PC Middle-East and Turkiye; Khalil Yassine, head of Unilever Arabia; and Luc Charrier, vice president of merchandise for Carrefour at Majid Al-Futtaim Retail.

Kadous said: “Sustainability is integrated into everything we do at Unilever. As part of our vision to ensure a purpose-led and sustainable business model, the EV van aligns with our bold ambitions toward delivering a profitable, yet responsible performance and growth. The introduction of electric vehicles to our delivery fleet is a core ambition and is central to Unilever’s sustainability commitment. We look forward to working more closely with the public sector and industry to further expand the infrastructure and seamlessly support the transition to electric mobility. I would like to congratulate the team for their unwavering efforts in driving Unilever’s vision forward and thank our partners for sharing our ambitions toward achieving a net-zero business model.”

Bertrand Loumaye, country manager for Carrefour at Majid Al-Futtaim Retail, said: “We are committed to sourcing and delivering sustainably sourced produce as part of our ‘Dare Today, Change Tomorrow’ strategy. The launch of the first electric delivery van in the UAE from Unilever, a highly valued partner, marks a major milestone in Majid Al-Futtaim’s journey to becoming net positive in carbon and water by 2040 — as well as our collaborative efforts to achieve the UAE’s Net-Zero 2050 strategy. It is exciting to be at the forefront of such momentous, positive change as we continue to make industry firsts happen.”

Prior to joining the existing fleet, the EV van underwent a series of planning and testing to ensure its readiness and compliance.