Alinma to finance Bahri’s fleet modernization drive

Basil Abulhamayel, chief financial officer at Bahri, and Jameel Al-Hamdan, chief corporate banking group at Alinma Bank, signed the facility agreement.
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Updated 22 October 2024
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Alinma to finance Bahri’s fleet modernization drive

Bahri, the national shipping company of Saudi Arabia and a global leader in maritime transportation and logistics, signed a landmark Murabaha agreement with Alinma Bank to secure financing to support its fleet modernization program.

Basil Abulhamayel, chief financial officer at Bahri, and Jameel Al-Hamdan, chief corporate banking group at Alinma Bank, signed the agreement on behalf of their respective organizations. Senior executives from both sides were present at the signing ceremony.

Under the terms of the agreement, Alinma Bank will extend a credit facility worth SR2.8 billion ($756 million) to partially finance the purchase of nine state-of-the-art very large crude carriers intended to streamline the process of phasing out older vessels. The move will further strengthen Bahri’s position as a global leader in maritime logistics and transportation.

Commenting on the agreement, Abulhamayel said: “We are delighted to partner with Alinma Bank to finance one of our significant fleet modernization drives. The enhanced financial capabilities from this collaboration will fuel our efforts to improve our overall fleet competitiveness that will lead to enhancing the company’s revenues and profitability, aligning with our long-term strategic goals. With these strengthened capacities, we are confident in supporting the Kingdom’s vision to become a global leader in maritime and logistics in line with Vision 2030.”

Al-Hamdan said: “We are pleased to finance one of Bahri’s key strategic vessels acquisitions in recent years. This collaboration aligns with our ongoing commitment to Vision 2030 and supports our strategic initiatives to enhance Alinma Bank’s position as the preferred financial partner for the public and private sectors.”

Strategic fleet modernization has always been a core focus of Bahri’s strategy. Leveraging the Kingdom’s strategic location, the company has been actively expanding into new sectors and global markets.


LuLu Walkathon: 22,000 participants champion greener future

Updated 12 February 2026
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LuLu Walkathon: 22,000 participants champion greener future

Alkhobar’s New Corniche transformed into a vibrant hub of energy and community spirit when more than 22,000 people gathered for the highly anticipated “LuLu Walkathon.” Organized by LuLu Saudi Hypermarket, the 3-km event was held under the patronage of the Ministry of Sport and Alkhobar municipality on Jan. 31. The walkathon successfully united the community under the themes of health and environmental sustainability.
The event was held with the cooperation of Meshaal Al-Harbi, head of Alkhobar municipality, and Tareq Al-Qahtani, director of the Ministry of Sport’s Eastern Province branch. The official flag-off was performed by Mohammed Haris, director of LuLu Hypermarket Saudi Arabia.
This year’s walkathon went beyond fitness, offering a rich tapestry of entertainment including soulful traditional Arabic music, a contemporary violin performance, and a playful “donuts dance,” which ensured a festive atmosphere for families of all ages.
A major highlight of the morning was the presence of Khadra. Khadra served as a living reminder of the Kingdom’s deep-rooted cultural artistry, posing for photos with the thousands of participants who lined the coast. To ensure every attendee felt the spirit of the celebration, participants were geared up with a premium merchandise kit containing custom-branded T-shirts and caps. Furthermore, every individual who successfully completed the 3-km route was rewarded with an exclusive LuLu goodie bag at the finish line to celebrate their achievement.
Sustainability remained a core pillar for the LuLu Walkathon this year, reflecting the brand’s long-term environmental vision. LuLu’s staff managed the route with a strict focus on environmental responsibility, while strategically placed refreshment stalls kept walkers hydrated without compromising the pristine condition of the corniche.
The massive success of the event was supported by key partners, including MasterCard as the commercial sponsor and Nada, which provided vital refreshments, alongside significant support from Radio Mirchi and Alyaum newspaper.
“The walkathon concluded not just as a race, but as a meaningful tribute to the Kingdom’s past and a definitive step toward a sustainable future,” a statement said. “By blending physical activity with cultural celebration and environmental stewardship, LuLu Hypermarket reaffirmed its commitment to the Saudi community, promoting an active, engaged, and responsible lifestyle for all residents.”