Al Moammar Information Systems (MIS), listed on the Saudi Stock Exchange, announced significant developments in its operational activities and strategic investments, including winning a new contract with the Saudi Electricity Company, in addition to strengthening its contribution to the digital banking sector through “Vision Bank”.
Details of the Saudi Electricity Company contract
The company announced in an official statement on the Saudi Stock Exchange (Tadawul) website today, Monday, that it has received a letter of award for a vital project with the Saudi Electricity Company. The total value of the project is SAR 58.63 million (including VAT). The contract is scheduled to be officially signed on February 5th.
This project aims to provide a comprehensive package of information technology services for the Saudi Electricity Company, reflecting the growing confidence in Al-Muammar’s technical capabilities and its long experience in implementing digital infrastructure projects for major entities in the Kingdom.
The context of digital transformation in the energy sector
This move comes at a time when the energy sector in Saudi Arabia is undergoing rapid digital transformation as part of the Kingdom's Vision 2030. The Saudi Electricity Company is working to modernize its digital infrastructure to enhance operational efficiency, improve customer experience, and manage smart grids more effectively. Technology systems companies like Al-Moammar play a pivotal role in this transformation by providing advanced technological solutions that ensure the sustainability and reliability of electricity services.
Capital increase for Vision Bank digital
In a separate investment development, the board of directors of Al Moammar Information Systems approved participating in a capital increase for Vision Digital Bank. Under the decision, the bank's capital will rise from SAR 1.5 billion to SAR 3 billion.
Al Moammar's investment in this capital increase will amount to SAR 23.75 million, based on the bank's pre-increase valuation of SAR 3.2 billion. This move reaffirms the company's commitment to supporting its investments in the financial technology (Fintech) sector, one of the fastest-growing sectors in the region.
The future of digital banks in Saudi Arabia
Al-Moammar's move to increase its stake in Vision Bank reflects the growing importance of the digital banking sector in the Kingdom. The company had announced in February 2021 its participation as a founding shareholder in a business consortium to establish this Sharia-compliant bank.
The Saudi financial sector is witnessing a qualitative leap with the support of the Saudi Central Bank (SAMA) and the Financial Sector Development Program, as these digital banks aim to provide innovative financial services that rely entirely on technology, which contributes to enhancing financial inclusion and diversifying the national economy away from traditional methods, which makes Al-Muammar’s investment in this field a strategic step to diversify its future sources of income.
