Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) has signed SAR 1.62 billion banking facilities with Al Rajhi Bank

The funding aims to enhance the company’s network infrastructure and cash flow to help improve its digital services for individual and business customers, according to a bourse filing.

Signed on 13 May 2024, the secured financing includes a SAR 1.12 billion 10-year vendor financing facility and a SAR 500 million receivables discounting facility with a revolving duration of one year.

In the first quarter (Q1) of 2024, Zain KSA logged a 94.10% year-on-year (YoY) plunge in net profit to SAR 67 million from SAR 1.13 billion.