Saudi: MIS renews $36.53mln facility deal with SAIB

Getty Images/Imran Kadir

The facility is secured by a promissory note with the total amount of the loan

Staff Writer, Mubasher

January 31, 2024

PHOTO

Riyadh – Al Moammar Information Systems Company (MIS) has extended its Sharia-compliant facility deal with the Saudi Investment Bank (SAIB) at a value of SAR 136.80 million.

MIS signed the financing agreement on 29 January 2024 and it is valid until 30 April 2024, according to a bourse disclosure.

The facility is secured by a promissory note with the total amount of the loan.

Meanwhile, the listed company will use the investment to finance new project contracts and issue letters of credit and guarantee.

Earlier this month, MIS rolled out plans to allocate SAR 40 million and invest in international companies operating in the AI field.

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