Latest news with #Alinma
Arabian Business
23-04-2025
- Business
- Arabian Business
ACWA Power secures $200mn loan for its new HQ in Riyadh
ACWA Power has secured a seven-year SAR750 million (US$200 million) Shariah-compliant loan facility from Alinma Bank to build its new corporate headquarters in Riyadh. The new headquarters will showcase ACWA Power as the local champion for energy transition, through a state-of-the-art facility specifically designed to unify the company's operations and also reflect its commitment to sustainability in alignment with Saudi Arabia's Vision 2030. It will meet the highest standards of green building and incorporate various Net Zero requirements to minimise the environmental impact. ACWA Power secures financing The financing underscores Alinma Bank's confidence in ACWA Power's financial standing and its strategic role in Saudi Arabia's Vision 2030 and energy transition goals. The company is the world's largest private water desalination company and a leader in energy transition. Abdulhameed Al Muhaidib, Chief Financial Officer, ACWA Power, commented: 'This financing from Alinma Bank highlights our strong financial position and the confidence the market has in our vision. Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom's goals for a cleaner, more prosperous future.' Jameel Alhamdan, Chief Corporate Banking Officer, Alinma Bank, added: 'Alinma is proud to announce its role as the sole financier for the development of ACWA Power's new state-of-the-art, environmentally sustainable head office. This landmark project aligns with both organisations' commitment to driving sustainability and innovation and with the Kingdom's Net Zero strategy.' Established in 2004, ACWA Power employs over 4,000 people in 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia. Its portfolio comprises 101 projects in operation, advanced development, or construction with an investment value of SAR403.4 billion (US$107.5 billion) and the capacity to generate 78.9 GW of power and manage 9.5 million m3/day of desalinated water per day.
Zawya
24-02-2025
- Business
- Zawya
Alinma Bank unveils API platform upon collaboration with IBM
Riyadh: Alinma Bank has partnered with IBM to launch a new application programming interface (API) platform, powered by the company's hybrid cloud and AI integration technologies. The platform introduces a centralised API marketplace that enables fintech firms and SMEs to securely access banking services, according to a press release. The technology stack includes IBM Cloud Pak for Integration, IBM API Connect, Red Hat OpenShift on IBM Cloud, and IBM DataPower, aimed at delivering secure and scalable infrastructure for the involved fintechs. Chief Information Officer at Alinma Bank, Yasser Al Oufi, stated: "Our new API platform provides corporate customers and fintech partners with competitive, secure, and accessible digital services that support their growth." Meanwhile, Fahad Alanazi, General Manager at IBM, said: 'Our collaboration on the API Monetization platform unlocks greater potential for Saudi fintechs and SMEs.' The initiative aligns with Saudi Vision 2030's digital transformation goals and Alinma's 2025 transformation strategy. It is worth mentioning that Alinma Bank registered net profits worth SAR 5.83 billion in 2024 while its total assets hit SAR 276.82 billion.
CairoScene
21-02-2025
- Business
- CairoScene
Saudi Arabia Puts World Cup 2034 Stadium Names Up For Sale
Out of 15 stadiums, eight of them will be built from scratch, and are scheduled for completion by 2032. In preparation for the 2034 World Cup, Saudi Arabia has put the names of its stadiums for sale through sponsorship deals. The news comes after the Ministry of Sports made a deal with Alinma, a bank backed by the Saudi Public Investment Fund, to change the name of the King Abdullah Sports City stadium in Jeddah. The largest stadium in Jeddah and the second largest stadium in the country will now be named Alinma Stadium. Alinma Stadium will be host to the Asian Football Confederation's Asia Cup in 2027. Aside from football, the 62,000 capacity stadium also plays host to top tier tennis, mixed martial arts and boxing matches. The Kingdom has proposed to host the 2034 World Cup in 15 stadiums across five cities, including Riyadh, Jeddah, Neom, Abha, and Al-Khobar. Of these 15 stadiums, eight of them will be built from scratch, and are scheduled for completion by 2032.
Zawya
19-02-2025
- Business
- Zawya
Alinma Bank launches new platform powered by IBM Hybrid Cloud & AI technology to fuel innovation for digital banking
Riyadh, Saudi Arabia: IBM and Alinma Bank announce that Alinma Bank, a leading financial institution in Saudi Arabia, has adopted IBM's advanced hybrid cloud and AI integration technologies. This move aims to enhance Alinma Bank's IT infrastructure and launch a pioneering Application Programming Interface (API) Platform. This development supports the Kingdom's Vision 2030, which focuses on digital transformation and innovation. Alinma Bank has achieved a high level of maturity in adopting modern, agile integrations. Its centralized API repository currently serves as a mission-critical component within the Bank's IT architecture, supporting nearly all banking channels, from retail to B2B. This collaboration with IBM aligns with Alinma's 2025 Transformation Strategy, which aims to generate new revenue streams and provide corporate customers and fintech partners with seamless access to advanced digital solutions. Through IBM Cloud Pak® for Integration, IBM API Connect®, Red Hat OpenShift on IBM Cloud, and IBM DataPower, Alinma's API platform delivers a secure, scalable infrastructure for fintechs and SMEs, enhancing user experience and broadening the bank's reach within the financial services sector. This centralized API marketplace will allow fintechs to access critical data easily, positioning Alinma as a leader in fintech innovation and enabling new revenue streams through paid API services that strengthen its role in Saudi Arabia's digital economy. The platform's deployment streamlined the integration of key internal systems, including onboarding, pricing, and payment processes, with IBM's API Connect, the central solution in this architecture, simplifying complex setups to provide consistent, reliable services. Alinma has built a high-performance system that offers secure, compliant data access across all channels by integrating IBM's Cloud Pak for Integration, which combines traditional and modern styles. Furthermore, IBM's API Connect along with the scalable deployment capabilities of Red Hat OpenShift, enables Alinma to maintain a secure, centralized repository for critical financial data while ensuring compliance and consistency throughout its API lifecycle. This robust collaboration will aid Alinma Bank meet their regulatory standards for data privacy and security while adapting to evolving demands in the fintech sector with modern, customer-centric services. 'IBM is a valuable, trusted partner in our journey to becoming one of the kingdom's most agile and responsive financial institutions,' said Yasser AlOufi, Chief Information Officer at Alinma Bank. 'As an innovation-driven bank, we are dedicated to delivering world-class offerings that empower our clients and partners to succeed. Our new API platform exemplifies this focus, providing corporate customers and fintech partners with competitive, secure, and accessible digital services that support their growth and resilience.' 'At IBM, we are honored to be a technology partner in Saudi Arabia's digital transformation, committed to providing solutions that meet our clients' needs and contribute to the nation's success,' said Fahad Alanazi, General Manager, IBM Saudi Arabia. 'For years, we have worked to do exactly that, and today, as we advance into an increasingly digital era, we are even more committed to ensuring that leading entities such as Alinma Bank are best placed to accomplish their future goals. Our collaboration on the API Monetization platform unlocks greater potential for Saudi fintechs and SMEs. We look forward to our continued partnership as Alinma paves the way for innovation in the Kingdom's financial services sector.' About Alinma Bank Alinma Bank is a market leader in dynamic and innovative Shariah-compliant banking and financial services. The bank delivers its services with the speed and convenience that customers require in their busy modern lives. Founded in 2006, Alinma Bank has a strong track record of supporting the national economy and helping individuals and businesses achieve their goals and aspirations. As a full-service financial institution, the bank serves individuals, corporates, and SMEs alike with a comprehensive range of products and services, including auto, home, and personal financing, individual and corporate current accounts, saving accounts, card services, corporate financing, auto leasing, and much more. About IBM IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit for more information.
