Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) has renewed its Sharia-compliant credit facility agreement with Al Rajhi Capital, according to a bourse disclosure.

The financing package is valued at SAR 60 million and is intended to support the company’s strategic objective of expanding its investment portfolio. The renewed facility carries a duration of one year.

To secure the financing, the company has provided a promissory note and pledged a portion of its investment portfolio assets equivalent to the total value of the credit facility.

The company confirmed that there are no related parties involved in this transaction. This renewal allows SAIC to maintain its liquidity position as it pursues further growth in its investment activities.

In June, SAIC extended its SAR 100 million credit facility deal with Alinma Bank.