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technologyApril 14, 2022

Saudi IT firm MIS renews $133m Shariah-compliant loan

RIYADH: Saudi information technology firm Al Moammar Information Systems Co., also known as MIS, has renewed a Shariah-compliant loan worth SR500 million ($133 million) to finance operations.

The funds will help Saudi-listed MIS finance projects as well as issue bank letters of credit and guarantee, according to a bourse filing.

The loan, obtained from Al Rajhi Bank, will be valid until the end of December 2022.

Last October, Riyadh-based MIS partnered with Saudi Fransi Capital to launch a fund – namely Saudi Data Center Fund 1. This aimed to establish six data centers in two areas, with a combined initial capacity of 24 MW.

The first-of-its-kind fund in the Kingdom, as claimed by the related parties, was used to kick off the first phase of the construction process in January at an initial value of SR1.2 billion.

MIS was established in 1979, and is Saudi Arabia’s first listed information technology company.