Banks line up for Riyadh security projects

12 July 2011

Banks expect huge contractor financing deal for SR20bn security compounds

Banks in Saudi Arabia are beginning to line up to provide contractor financing for SR20bn ($5.48bn) of contracts for security compounds being tendered by the Interior Ministry.

Bids from interested contractors are due in mid-July and banks say they are beginning to position themselves to provide financing to a winning contractor.

The project involves the development of security compounds at more than 50 locations throughout Saudi Arabia.

“There is a big opportunity for contractor financing to be put in place on this and a lot of banks have already been having conversations with bidders to ensure they are in place once a contract is awarded,” says one banker in Saudi Arabia.

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