Saudi Arabia’s MIS inks agreement to renew credit facility worth USD438.6M
(MENAFN) Saudi Arabia’s Al Moammar Information Systems Company (MIS) has signed an agreement to amend and renew a Sharia-compliant credit facility with Banque Saudi Fransi, valued at SAR 1.64 billion (USD438.6 million). According to a disclosure published on the Saudi Stock Exchange (Tadawul) website on Monday, the financing agreement aims to support the company’s financial activities and ensure continued growth.
The credit facilities will be used to finance accounts payable for invoices, secure new project contracts, and issue letters of credit and guarantees. MIS stated that the financing period is set to conclude on July 31, 2025. The company also clarified that the guarantees for the financing come in the form of a promissory note and confirmed that there are no related parties involved in the agreement.
In addition to this financial move, MIS recently signed a contract with the Saudi Data and Artificial Intelligence Authority (SDAIA) to implement a project aimed at improving and enhancing the artificial intelligence network. The contract, valued at SAR 58.64 million (including value-added tax), has a duration of 36 months and is expected to strengthen the country's AI infrastructure.
As part of the project, MIS will provide various services and software solutions to upgrade the artificial intelligence network. The company highlighted that the positive financial impact of this agreement is expected to be reflected in its earnings starting from the first quarter of fiscal year 2025.
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