Economics
China’s ICBC Boosts Saudi Loans With $600 Million Zain Facility
- New financing cuts Zain costs by 175m riyals over three years
- ICBC now the ninth-biggest provider of GCC syndicated loans
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China’s largest bank is boosting lending in Saudi Arabia, increasing its foothold in the biggest Arab economy as growth slows in its home market.
Mobile Telecommunications Co. Saudi Arabia, a unit of Kuwait’s Zain, obtained a $600 million loan from Industrial and Commercial Bank of China Ltd., replacing a facility of that size it signed with regional banks two months ago, the Riyadh-based telecom company said Tuesday in a statement. The two-year dollar loan, which may be extended by another year, will cut costs by about 175 million riyals over the full period.