Dar Al Majed + SPM secure shariah-compliant financing

Dar Al Majed + SPM secure shariah-compliant financing

Dar Al Majed Real Estate secured a SAR 500 mn shariah-compliant loan agreement with Arab National Bank (ANB), just days after inking a similaragreement with Alnima Bank, according to a disclosure to Tadawul. The five-year ANB facility, which includes a two-year grace period, brings the newly listed developer’s fresh liquidity to SAR 1 bn in less than a week.

Where the money is going: The aggressive leveraging comes as the developer ramps up execution on a heavy pipeline, including an 8.1k sqm mixed-use development in Riyadh with Jadwa Fund and two residential projects being developed for Tatweej Contracting.

ALSO- Saudi Paper Manufacturing lined up a USD 40 mn shariah-compliant credit facility with Kuwait Finance House – Bahrain to support working capital and refinance medium-term debt, it said in a disclosure to Tadawul. The agreement, which includes a 12-month renewable working capital tranche, appears timed to support the operational ramp-up of its new massive production line, which adds 60k tons of annual capacity.

Naqel Express taps India’s Unicommerce for e-commerce logistics

Indian SaaS provider Unicommerce is partnering with Saudi Post-owned Naqel Express to integrate e-commerce logistics across the Kingdom and the wider GCC, according to an Indian exchange filing.

The details: The agreement links Unicommerce’s technology with Naqel’s 5k delivery points, allowing Saudi Arabia’s e-commerce platforms to manage warehousing, cross-border shipping, and last-mile delivery through a Unicommerce dashboard. The partnership establishes a formal cross-border channel for Saudi e-commerce sellers targeting the Indian market. These businesses will also be able to better deliver across GCC, Jordan, and Lebanon through the integrated platform.

Why it matters: The Kingdom’s legacy state-owned players are increasingly outsourcing their software layer to Indian tech firms to enhance tech adoption. Last month, Indian tech firm Zoho obtained a cloud service provider certification from the Saudi Communication and Information Technology Ministry, allowing the firm to host restricted government and commercial data.

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