Saudi IT Firm Secures Financing Facility from Riyad Bank

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.