ZAWYA: Saudi Solutions renews $400mln Islamic financing facility with SNB

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First published: 21-Jul-2025 10:59:48Staff WriterArabian Internet and Communications Services Company (solutions) has renewed its Islamic Shariah-complaint credit facilities agreement for a total of 1.5 billion riyals ($400 million) with Saudi National Bank (SNB).The renewed agreement includes:Short-term banking facilities amounting to SAR 1 billion, with a one-year tenor, designated for issuing letters of credit (LC) and letters of guarantee (LG), and to support the company’s working capital needs.Medium-term financing of SAR 500 million, with a five-year maturity originally utilised on June 27, 2022, to fund the strategic acquisition of Giza Systems Company.The facilities are secured by a promissory note, a filing on Riyadh bourse showed on Monday. (Writing by Brinda Darasha; editing by Daniel Luiz) [email protected] Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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