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Axelerated Solutions for Information and Communication Technology Co. announced the renewal and expansion of its Shariah-compliant credit facility with Riyad Bank. The total value of the renewed credit line stands at SAR 58.27 million. To secure the financing, the company issued a promissory note covering the full amount of the facilities.
The capital will be deployed to fund new project contracts, issue letters of credit and bank guarantees, as well as support working capital requirements such as salary payments. The agreement was finalized on August 23 and is set to remain valid until August 23, 2027. Axelerated Solutions confirmed that no related parties are involved in this transaction.
This credit expansion reflects the company's efforts to enhance its liquidity position to support ongoing business growth and project execution in Saudi Arabia. Investors will be monitoring how the funding aids operational scaling on the Nomu Parallel Market.
