Saudi Azm secures SAR 75M credit facility with SAIB

Saudi AZM for Communication and Information Technology Co. signed a Shariah-compliant banking facility agreement worth SAR 75 million with the Saudi Investment Bank (SAIB)

In a statement on Tadawul, the company said the one-year financing is backed by a promissory note as a guarantee.

The facility is intended to cover the issuance of letters of guarantee for awarded projects and contracts, as well as to support working capital and related requirements.

The agreement comes within the credit facility limit and includes working capital financing should the company require it.