DEBT WATCH-

Arabian Internet and Communications Services Company (solutions) lined up a SAR 500 mn shariah-compliant loan with Saudi Awwal Bank, it said in a disclosure to Tadawul yesterday. The one-year financing — backed by a promissory note — will be used to support working capital and issue letters of credit and letters of guarantee.

GIGAPROJECTS-

Companies can now submit applications to provide water and sanitation for gigaprojects, via the Saudi Water Authority’s newly launched e-service on its digital platform, according to a post on X.

TECH-

Modon to establish an AI hub in industrial cities: The Saudi Authority for Industrial Cities and Technology Zones (Modon) signed an agreement with Asas for Developing and Operating Industrial Cities and Takween IT to set up an Artificial Intelligence Center of Excellence in the Kingdom’s industrial cities, state new agency SPA reported yesterday. The center will focus on using AI to improve efficiency, modernize business operations, and support investors working on industrial zones.

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