Al Moammar Information Systems (MIS), a leading IT company in Saudi Arabia, announced a significant strategic step: the renewal and amendment of a Sharia-compliant credit facility agreement with the National Commercial Bank (NCB), the Kingdom’s largest financial institution. Under this agreement, the financing amount has been increased to SAR 550 million, reflecting strong confidence in the company’s financial performance and future expansion plans.
Background on the partnership and its importance to the Saudi market
Al Moammar Information Systems, established in 1979 and listed on the Saudi Stock Exchange (Tadawul), is a key player in the Kingdom's digital transformation. For decades, the company has provided integrated technology solutions to both the public and private sectors, offering services in vital areas such as digital infrastructure, cybersecurity, cloud computing, and advanced software solutions. The National Commercial Bank (NCB) plays a pivotal role in financing major projects and supporting national companies that contribute to achieving the goals of Vision 2030, making this partnership a model of fruitful collaboration between the financial and technology sectors.
Details of the agreement and its strategic objectives
According to a statement issued by the company and published on the Saudi Stock Exchange (Tadawul), the facility agreement is valid until February 28, 2027. The facility primarily aims to enable the company to finance new project contracts it wins, as well as to issue the necessary letters of credit and guarantees for the efficient execution of these projects. The company clarified that the guarantee provided for this financing is a promissory note covering the full value of the facility, a standard procedure that safeguards the rights of both parties.
Expected impact on company growth and support for the national economy
This agreement not only enhances Al-Moammar's financial liquidity but also strengthens its competitiveness in securing large-scale, strategic projects aligned with national development plans. With the Kingdom's rapid pace of mega-projects in digital infrastructure, such as smart city initiatives and the development of national data centers, this financing provides the company with the necessary flexibility to actively participate in and contribute to building a sustainable digital economy. Furthermore, this move sends a positive message to investors about the robustness and attractiveness of the Saudi IT sector, underscoring the vital role of national financial institutions in driving economic growth and diversifying revenue streams in line with the ambitious Vision 2030.
