Al Rajhi Bank Invests 1.6 Billion Riyals in Zain Saudi Arabia’s Fifth Generation Network Expansion

In a strategic move to bolster Saudi Arabia’s digital infrastructure, Al Rajhi Bank has inked a supplier financing contract worth 1.625 billion riyals with Zain Saudi Arabia. The agreement aims to fuel the expansion of Zain’s fifth-generation network, fostering innovation and digital empowerment across the Kingdom.

Zain Empowering Digital Transformation

Walid Al-Muqbel, Managing Director and CEO of Al Rajhi Bank, expressed enthusiasm about deepening ties with Zain Saudi Arabia, emphasizing the partnership’s role in advancing the digital landscape. Al Rajhi Bank’s commitment aligns with Vision 2030’s objectives, particularly in driving digital transformation.

Zain Saudi Arabia’s CEO, Sultan bin Abdulaziz Al-Deghaither, outlined the company’s holistic strategy, focusing on customer empowerment and technological innovation. The collaboration with Al Rajhi Bank signifies a shared vision to catalyze sustainable digital transformation and enrich the Kingdom’s digital experience.

A Strategic Partnership

The financing agreement marks a significant milestone in the longstanding collaboration between Al Rajhi Bank and Zain Saudi Arabia. Last year’s memorandum of understanding laid the groundwork for this strategic partnership, fostering synergy between two leading entities in banking and telecommunications sectors.

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