ProMedEx secures $13.3M in Shariah-compliant credit from Bank AlJazira

What's the deal? Professional Medical Expertise Co. (ProMedEx)Dealroom has a profile for this one. Try Dealroom → obtained Shariah-compliant credit facilities from Bank AlJaziraDealroom has a profile for this one. Try Dealroom → with a credit limit of SAR 50 million (roughly $13.3 million). The agreement was fully signed on October 5, with renewal documents dating to September 21.

What's the endgame? ProMedExDealroom has a profile for this one. Try Dealroom → said it will use the facilities to finance the purchase and import of medical supplies, devices, and equipment from local and international suppliers. The financing flows through supplier invoice financing, documented letters of credit, and trust receipts, supporting the company's operational needs.

The structure: The facilities include revolving sub-limits of up to SAR 15 million for foreign supplier invoices via deferred-sale arrangements leading to Tawarruq under the Dinar Program, financing up to 80% of each invoice. Separately, SAR 35 million covers documentary letters of credit and SAR 35 million covers trust receipts.

Combined utilisation of all sub-limits cannot exceed SAR 50 million at any time, so the sub-limits do not add up to a larger total. The financing runs for a one-year term from the facility offer letter.

The fine print: The security provided is a SAR 55 million promissory note. ProMedEx said no related parties are involved in the deal.

The signal: Short-term, Shariah-compliant trade finance remains a core tool for Saudi medical importers managing working capital across international supply chains. For ProMedEx, the renewed facility keeps its import pipeline funded without diluting equity.

Read more: argaam.com

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