Kuwait - 22nd January 2020: Kuwait Telecommunications Company – stc, has signed a ten-year financing facility with the National Bank of Kuwait (NBK). The KD40 mn facility aims to assist stc in expanding its operational activities and financing the Company’s capital expenditures.
The Executive Management Teams from both entities attended the signing ceremony, where the agreement was concluded in the presence of Maziad Alharbi,stc – Kuwait Chief Executive Officer,and Salah Al-Fulaij, NBK – Kuwait Chief Executive Officer, as well as Mohammed Al-Assaf, stc – Kuwait Chief Financial Officer , and Ali Fardan, NBK – Bahrain General Manager.
On this occasion, Alharbi,stc – Kuwait CEO, said, "Our strategic partnership, which began over a decade ago, shows the joint effort and mutual trust shared between stc and NBK. I would like to express my sincere appreciation to NBK’s executive management and team for their ongoing support and cooperation in arranging and executing this transaction.”
He added, "Coupled with the launch of our new brand, this facility marks a new step and a pivotal role in implementing stc’s sustainable business growth, operational and expansion strategy. The financing facility will be utilized for CAPEX and working capital requirements that will assist the Company in reaching its long and short term goals.”
Alharbi also said, "We will spare no effort towards enhancing the efficiency of our business model, wide array of offerings and quality services to cater to the needs of our customers and exceed their expectations, as well as pursue our strive towards enabling the digital transformation, benefiting our shareholders and all stakeholders.”
Salah Al-Fulaij, NBK – Kuwait Chief Executive Officer, said, “NBK is the first choice for companies in the private sector when financing major deals and projects. This is mainly due to the bank’s strong financial profile and extensive experience in seamlessly executing major short and long-term financing solutions, which ultimately reflect the bank’s leading position in the local and regional banking sector.”
Al-Fulaij said, “Signing this financing agreement with stc is a testament to the strong relationship that has developed over the years with NBK.”
He added, “We continue to solidify our leadership role in the market by providing outstanding banking services to local companies, relying on close relationships with our customers, provide an exceptional level of customer service, offer specialized professional advice, while utilizing our Group’s regional and international network. We have utilized our resources and expertise to build an array of diversified banking solutions, while investing in the latest digital banking technology to provide our corporate clients with an unrivaled experience in the banking sector.”
NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking arena. The bank has been consistently awarded with the highest credit ratings of all banks in the region from Moody’s, Standard & Poor’s, and Fitch Ratings. NBK has a wide local and international network of branches across 4 continents, with its international presence extending to cover many of the world’s leading financial centers including New York, London, Paris, Singapore and Shanghai. NBK also has a wide regional network covering Saudi Arabia, UAE, Bahrain, Iraq, Lebanon, Jordan and Turkey.
stc strives to provide its customers, whether consumers or companies, with innovative services and digital solutions that enrich the lives of its customer base. The Company focuses on growth in unconventional paths within the fields of communication, entertainment, information, digital services and data transmission, providing customers with the best experience around the clock.
stc has succeeded in attracting investments from the private sector, driving the economy and repositioning the telecom sector as one of the most pivotal and active sectors contributing to the evolution of global technology. The Company has dedicated its resources and strong network to provide the best wireless coverage in Kuwait, playing a key role in enhancing the nation’s infrastructure.
Since 2008, stc's accomplishments have transformed Kuwait’s telecom market through unrivalled wireless pricing models and fee. In 2016, stc entered the International Telecommunications Union (ITU), a specialized agency of the United Nations that is responsible for issues that concern information and communication technologies. In 2019, stc became the first network to offer its customers the 5G service and enabled enterprises mobility. Since then, stc invested in building the most advanced network in the local market, proudly owning the largest number of 5G covered sites in Kuwait.