Saudi: MIS obtains $90.66mln funding from SAB

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Riyadh – Al Moammar Information Systems Company (MIS) secured a Sharia-compliant facility worth SAR 340.26 million from Saudi Awwal Bank (SAB) on 17 July 2024 and signed the funding agreement on the 22nd.

MIS will use the secured amount for accounts payable, project financing, and issuance of letters of credit and guarantee.

The financing facility holds a validity period for one year until 16 July 2025, according to a bourse filing.

In addition, the funding agreement is guaranteed by promissory notes worth the amount of the total facilities limit.

It is worth noting that the listed company was recently awarded a SAR 38.74 million project contract to carry out the local and national integration platform with the Saudi Data & AI Authority (SDAIA).

In terms of the financial performance of the Saudi lender, SAB achieved net profits worth SAR 2.04 billion in the first quarter (Q1) of 2024.