Riyadh — Mubasher: Professional Medical Expertise Company (ProMedEx) has secured Sharia-compliant credit facilities totaling SAR 50 million from Bank Aljazira.
The company completed the necessary documentation and signatures for the financing on 5 October 2026, following a facility offer letter dated 21 September 2026.
The credit limit is designated to finance the purchase and import of medical materials, devices, and equipment from both local and international suppliers.
The facility includes several revolving sub-limits, such as SAR 15 million for financing foreign supplier invoices through Tawarruq, covering up to 80% of each invoice value, and SAR 35 million for letters of credit and standby letters of credit.
The total utilization across all sub-limits is capped at SAR 50 million at any given time.
The financing carries a duration of one year from the date of the facility offer letter. To secure credit, ProMedEx has provided a promissory note valued at SAR 55 million.
The company confirmed there are no related parties involved in the transaction. This credit facility is intended to meet the company’s operational business requirements.
In the first half (H1) of 2026, ProMedEx generated net profits of SAR 24.32 million, an annul rise of 10% from SAR 22.11 million.
