MIS signs MoU with Al Rajhi Cap for SAR 1 bln special investment fund

Logo of Al Moammar Information Systems Co.

Al Moammar Information Systems Co. (MIS) signed, on Aug. 29, a memorandum of understanding (MoU) with Al Rajhi Capital to launch a special Shariah-compliant investment fund worth SAR 1 billion.

The company said in a bourse statement that the fund will be launched as a first phase in accordance with the Investment Funds Regulations (IFR) of the Capital Market Authority (CMA).

The MoU will take effect from the date of its signature by both parties and for a period of 120 days.

The financial impact cannot be determined currently, the statement said, adding that there are no related parties.

The fund aims to achieve regular income for investors through financing and operational leasing of technology, digital infrastructure and medical equipment, primarily in FinTech and medical equipment in the governmental, semi-governmental, and private sectors in Saudi Arabia. 

MIS will be the marketer, supplier, implementer, and exclusive operator of the fund's projects. The fund provides various financing methods that suit customer requirements such as long-term leasing, construction, operation, transfer, payment for use and partnership programs between the public and private sectors, and other financing structures. 

According to data compiled by Argaam, MIS signed, on Aug. 9, an MoU with Saudi Fransi Capital (SFC) to establish a private investment fund with an initial target size of SAR 150 million, to invest in venture capital opportunities in the technology sector, primarily in the Kingdom. 

Furthermore, MIS intends to setup, either as an internal division or as a separate subsidiary, a business incubator and an innovation lab (MIS Lab) with the primary objective of screening, identifying and developing start-ups in the technology space. 

On July 4, MIS signed agreements for the development, design, and management of data center facilities with SFC. The fund will invest and own six data centers in the Kingdom with an estimated budget of SAR 1.2 billion in the first phase.