Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
Saudi IT firm, Al Moammar Information Systems Company (MIS), obtained a SAR 252 million (USD 67m) financing facility from Riyad Bank on 10 September 2024, according to Saudi Exchange.
The arrangement allows MIS to use the facility for invoice payables, project financing, and applying to Riyad Bank for issuance of letters of credit and guarantees. The agreement is in place for three years and is secured by a promissory note to the amount of the total facilities limit based on details on the Saudi Exchange site.
Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.
On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.
