Riyadh — Mubasher: Axelerated Solutions for Information and Communication Technology Company announced the renewal and increase of a Sharia-compliant banking facility agreement with Riyad Bank to reach a total value of SAR 58.27 million.
The financing agreement was finalized on 23 August 2026 and is scheduled to remain in effect for one year until 23 August 2027.
The company stated that the primary objective of the credit facility is to provide necessary funding for new project contracts, the issuance of letters of credit and guarantees, and the financing of payroll obligations.
As security for the credit facilities, Axelerated Solutions provided a promissory note covering the total value of the agreement.
According to the regulatory filing, there are no related parties involved in this transaction.
Meanwhile, the renewal reflects Axelerated Solutions’ ongoing strategy to maintain liquidity and support its expanding operational requirements within the Saudi technology and communications sector.
It is worth noting that Axelerated Solutions earlier renewed its Sharia-compliant banking facilities agreement with Saudi Awwal Bank (SAB) to remain in effect until August 2027.
