Riyadh – Mubasher: Arabian Internet and Communications Services Company (solutions) has renewed and increased a Sharia-aligned banking facilities agreement with the Saudi National Bank (SNB).

solutions obtained the funding on 18 January 2024 to be utilised for issuing letters of credit and guarantee in addition to boosting the working capital, according to a bourse filing.

The credit facilities include a short-term line worth SAR 1 billion that holds a tenor of one year as well as a five-year medium-term funding worth SAR 500 million from the utilisation date of 27 June 2022.

In January 2024, Etihad Etisalat Company (Mobily) also entered into a financing agreement valued at SAR 4.80 billion with SNB.

In the first nine months (9M) of 2023, solutions generated net profits worth SAR 1.03 billion, while SNB logged higher net income.