Arabian Internet and Communications Services Company (Solutions) has renewed a SAR 1.5 billion ($400 million) Islamic financing agreement with Saudi National Bank (SNB).

The renewed package includes SAR 1 billion in short-term facilities for letters of credit, letters of guarantee, and working capital support, and SAR 500 million in medium-term financing tied to the company’s 2022 acquisition of Giza Systems. The agreement is secured by a promissory note, according to a filing on the Riyadh bourse.