Topi, a leading IT and digital transformation company in Saudi Arabia, announced a significant strategic move: the renewal and expansion of its Sharia-compliant banking facilities with the National Commercial Bank (NCB), the Kingdom’s largest bank. According to the official disclosure published on the Saudi Stock Exchange (Tadawul), the total value of the facilities reached SAR 200 million, reflecting the strong confidence the banking sector has in the company’s future plans and growth potential.
This agreement comes within a national economic context undergoing radical transformations driven by the Kingdom’s Vision 2030, which places digital transformation and the development of the technology sector at the heart of its objectives. Tubi plays a pivotal role in this landscape, providing innovative solutions and integrated technology services to both the public and private sectors, thereby contributing to the modernization of digital infrastructure and driving innovation. Securing this funding represents a significant boost to the company’s ability to compete and win major strategic projects that serve national goals.
The company explained that the primary purpose of these facilities, which extend until February 16, 2027, is to finance the working capital necessary for executing new project contracts, in addition to issuing letters of credit and bank guarantees. These financial instruments are vital for companies operating in the technical contracting and large-scale projects sector, as they provide them with financial flexibility and the ability to commit to large-scale projects that require high liquidity and strong guarantees. These facilities were secured by a promissory note for the full value of the financing, a standard procedure in such agreements.
This collaboration between Tubi and the National Commercial Bank (NCB) exemplifies a strategic partnership between the technology and financial sectors in the Kingdom. On one hand, NCB, as the country's largest financier, reaffirms its commitment to supporting promising national companies driving economic transformation. On the other hand, Tubi gains enhanced financial strength, enabling it to expand its operations, develop its solutions, and contribute more significantly to the Saudi digital economy. This funding is expected to positively impact the company's financial performance and market value, and strengthen its ability to create new job opportunities for Saudi talent in the technology sector.
More broadly, this agreement sends a positive message to local and international investors about the dynamism and investment appeal of Saudi Arabia’s IT sector. It demonstrates that local technology companies are capable of building strong relationships with major financial institutions and securing the necessary funding to achieve their expansion ambitions, thus solidifying the Kingdom’s position as a leading regional hub for technology and innovation.
