Saudi-listed Middle East Specialised Cables Company (MESC) announced on Wednesday it has secured Sharia-compliant banking facilities worth 110 million UAE dirhams ($30 million) from UAE-headquartered Emirates Islamic Bank.

The facility, activated on 5 May 2026, has a tenor until 21 January 2027 and will be used to finance working capital requirements and support issuance of letters of credit.

The agreement was signed on 21 January 2026 and is backed by a promissory note valued at AED 110 million, pledge over bank accounts and assignment of receivables

In March 2026, MESC signed a 100 million Saudi riyal ($27 million) Islamic banking facility agreement with Saudi Awwal Bank (SAB).

The financing, activated on 13 March 2026 and valid until 10 March 2027, will support working capital needs and issuance of performance bank guarantees.

The facility is backed by a promissory note valued at SAR 103.29 million

In April 2026, MESC announced an addendum to an existing financing agreement with Alinma Bank, increasing the facility limit from SAR 150 million ($40 million) - itself an increase from the previous one by SAR 50 million -  to SAR 250 million ($67 million).

The amended financing arrangement, activated on 5 April 2026, runs until 31 August 2028 and is secured by a SAR 275 million promissory note.

The funding will be used for working capital and issuance of performance bank guarantees.

In January 2026, MESC renewed a SAR 150 million ($40 million) banking facility, compliant with Sharia, with Emirates NBD. Activated on 22 January 2026, it runs until 30 July 2028 and is secured by a SAR 150 million promissory note. The funding will be used for working capital and issuance of performance bank guarantees.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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