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RIYADH: Al Moammar Information Systems Co. has closed a deal with Al Rajhi Financial Co. to set up a SR1-billion ($266 million) Shariah-compliant investment fund.
The special investment fund will be used to finance digital and technical infrastructure projects as well as medical equipment in Saudi Arabia, a bourse filing revealed.
Under the deal, information technology provider MIS will be the marketer, supplier, and operator of the fund’s projects, while Al Rajhi will act as the fund manager.
The parties expect to complete the procedures to launch the fund by the second half of 2022.