Solutions Renews SAR 1.5 Billion Facility Agreement with SNB

Arabian Internet and Communications Services Company (Solutions) announced on Monday the renewal of a Shariah-compliant banking facility agreement with Saudi National Bank (SNB), valued at SAR 1.5 billion.

The renewed agreement includes a SAR 1 billion short-term facility and a SAR 500 million medium-term financing line, the company stated in a disclosure to Tadawul.

According to the statement, the facilities are valid for one year and will be used to issue bank guarantees, letters of credit, and finance working capital. The medium-term financing will support the acquisition of Giza Systems Company.