Al-Hasoub Trading Company announced today that it has obtained credit facilities and medium-term financing from Al Rajhi Bank , in a move aimed at strengthening its financial position and supporting its ambitious expansion plans.
Details of the financing agreement
According to the official statement issued by the company and published on the Saudi Stock Exchange (Tadawul) website, the financing amount is SAR 10.2 million . The financing period extends for four years, providing the company with sufficient financial flexibility to implement its current and future projects. The company confirmed that these facilities are fully compliant with Sharia principles, reflecting the company's and the bank's commitment to the Islamic financial standards adopted in the Kingdom.
Guarantees and purpose of financing
Regarding the guarantees provided to secure this financing, Al-Hasoub Trading Company explained that a promissory note for the total financing amount was issued in favor of Al Rajhi Bank. This step serves the company's strategic objectives, as the cash flow will be used to support working capital, finance expansion projects, and meet the future needs of the rapidly evolving technology market in the Kingdom.
The context of the technology sector in the Kingdom
This funding comes at a time when the telecommunications and information technology sector in Saudi Arabia is experiencing unprecedented growth, driven by the Kingdom's Vision 2030 , which prioritize digital transformation. Companies operating in this sector, such as the computer company, are working to improve their operational efficiency and increase their market share to meet the growing demand for devices and technological solutions from both the public and private sectors.
The role of the banking sector in supporting growth
This agreement reflects the pivotal role played by the Saudi banking sector, and Al Rajhi Bank in particular, in supporting private sector companies and those listed on the parallel market (Nomu). Providing the necessary liquidity to businesses is a fundamental pillar enabling them to remain competitive, develop their infrastructure, and expand their services to include new geographic areas and customer segments.
Expected financial impact
This financing is expected to have a positive impact on the financial statements of Al-Hasoub Trading Company in the coming periods, by enhancing its ability to meet its obligations and provide the necessary inventory to meet customer demands, which ultimately contributes to maximizing shareholders’ equity and supporting the sustainability of the company’s business.
