<Rawabi Valiance Marine Services announced the launch of its first Shari'ah-compliant Sukuk issuance valued at SAR 1 billion, which has been fully subscribed and the proceeds will be used to finance the company's marine assets over a five-year period. Alinmaa Investment Company, GIP Capital, Saudi Fransi Capital and Saudi Holland Financial have been appointed as bookrunners and bookrunners for the Sukuk.

Abdulaziz Al-Turki, President and CEO of Alliance Maritime Services, said the issuance was fully subscribed. Abdulaziz Al Turki, Chairman of Rawabi Holding Group and Chairman of Rawabi Valence Marine Services, emphasized the importance of the success of its Sukuk issuance, adding, “Being in a capital intensive environment, we rely heavily on our ability to finance our projects efficiently.“

Rawabi Holding has more than three decades of experience in providing services and products to the oil, gas, petrochemical, specialized contracting, electricity and manufacturing sectors in the Kingdom and the Middle East. The company specializes in providing offshore services, including offshore platform construction, submerged pipeline laying, ship supply and marine tugs, with a marine fleet of 27 vessels.

With a marine fleet of 27 vessels, Rawabi Holding has more than three decades of experience in providing services and products to the oil, gas, petrochemical, specialized contracting, electricity and manufacturing sectors in the Kingdom and the Middle East.