Riyadh – Mubasher: Mohammed Hadi Al Rasheed & Partners Company has received approval from Saudi Awwal Bank (SAB) to increase its Sharia-compliant credit facilities by SAR 100 million.

The agreement, finalized on 28 July 2026, raises the total value of the company’s financing from the previously announced SAR 72.39 million to a new total of SAR 172.39 million.

The company stated that the additional SAR 100 million in funding is earmarked for strategic expansion and operational support.

Specifically, SAR 40 million will be utilized for asset financing, while the remaining SAR 60 million is designated to complete the acquisition of Taif Company.

As security for the expanded facility and the remaining balance of previous financing, the company has provided a promissory note valued at SAR 158.11 million.

This follows an earlier arrangement from 21 August 2025, where the company initially secured SAR 72.39 million for a five-year duration backed by a SAR 65 million promissory note. Management confirmed there are no related parties involved in the transaction.