“CARE” renews a facilities agreement with Al Rajhi Bank for 11.9 million riyals
Care International Company renewed an amended banking facilities agreement compatible with the provisions of Islamic Sharia with Al Rajhi Bank.
The company said in a statement on its website "Saudi Arabia trading"The value of the financing is estimated at 11.9 million riyals, and expires on December 31 of next year.
She added that the guarantees provided in exchange for the financing are: a promissory note in the name of Care International, a guarantee from Irad Holding Company, and a fine, performance and commitment guarantee from the honorable Muhammad bin Ali Al-Dalaan.
She stated that the purpose of the financing is to facilitate the renewal of final bank guarantees.
Exclusive Distribution Agreement
Care International signed an exclusive distribution agreement, yesterday. The first, with Shenzhen Action Technologies Co., under which the company is granted the rights to distribute and market the other party’s products within the Kingdom of Saudi Arabia in accordance with the terms and conditions of the agreement signed between the two parties.
The 5-year agreement includes: distribution of electronic device systems, signal strengthening and blocking, digital frequencies and communications networks, in addition to the customized products and solutions that the company develops according to the requirements of customers and projects.
It is expected that the contract will contribute to enhancing the company’s revenues. By marketing and selling Action products within the Kingdom of Saudi Arabia.
The size of the financial impact depends on the volume of orders and actual sales during the contract period, provided that the financial impact begins to reflect gradually from the end of 2026 and continues throughout the duration of the contract.
Under this agreement, Care International was granted the exclusive distribution rights for the products and solutions of Shenzhen Action Technologies Co. Covered by the agreement within the Kingdom of Saudi Arabia for a period of five years, which supports the company’s expansion in providing advanced technical solutions to government, military, security and commercial agencies in accordance with applicable regulations and instructions.
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