Scientific & Medical Equipment House Co, which manages and maintains hospitals in Saudi Arabia, has renewed a credit line for up to SAR 190 million ($50.67 million) with The Saudi Investment Bank (SAIB).

The Shariah-compliant credit facility is intended to finance current and future projects, as well as provide bank guarantees and letters of credit, the healthcare contracting firm said on Wednesday. The financing is set to run until August 31, 2026.

As part of the collateral, the company signed a promissory note for the full credit limit of SAR 190 million. The deal includes an assignment of contract proceeds, ensuring project payments are directed into an account at the bank.

(Writing by Cleofe Maceda; editing by Brinda Darasha)