Al-Muammar Information Systems Company (MIS) signed a framework contract with the Saudi Data and Artificial Intelligence Authority (SDAIA), worth 134.84 million riyals ($35.96 million), including value-added tax, for a period of 36 months.
The company explained, in a statement on the Saudi Stock Exchange (Tadawul), on Tuesday, that the contract includes the supply of networking devices and accessories, fingerprint devices, cameras, portable devices for recording vital characteristics, and visual communication devices, and delivering them to the Authority’s warehouses and branches in the Kingdom, in addition to warranty services throughout the duration of the contract.
She added that the financial impact of the contract will begin to appear from the fourth quarter of the fiscal year 2026, noting that there are no related parties.
The company stated that the announcement of the award of the contract was not made at the time, because a value was not specified for the award, and therefore it did not meet the disclosure requirements.
A survey conducted by the European Central Bank, on Tuesday, showed a sharp decline in demand for real estate loans in the euro zone during the three months ending in September, with interest rates rising and conditions for obtaining credit tightening.
The quarterly bank lending survey, conducted by the European Central Bank, showed the tangible impact of tightening monetary policy, which began in June, amid a war-driven jump in inflation in the euro zone, and is expected to continue for the coming months, according to Reuters.
A net 27 percent of the banks surveyed reported a decline in demand for housing loans during the third quarter of the year, a larger decline than expected. The banks were expecting a decline of 12 percent, which also exceeded the decline recorded in the previous quarter, which amounted to 15 percent.
The European Central Bank said in a statement that “high interest rates were the main factor behind the decline in demand, followed by a decline in consumer confidence and deteriorating expectations for the housing market.”
Banks did not tighten conditions for granting real estate loans during the third quarter, but they did so for corporate loans and consumer credit. Banks expect to tighten lending standards for all types of loans during the last three months of the year.
France, which is at the heart of bond market turmoil linked to public financial conditions, was the largest European economy that witnessed a noticeable tightening in lending standards.
The European Central Bank explained that “escalating concerns about risks and a decline in banks’ willingness to bear them remained the main factors behind the tightening of credit standards, while some banks indicated increasing pressures resulting from geopolitical uncertainty and developments in the energy sector.”
Regarding artificial intelligence, most banks reported that they had not yet adopted quantitative criteria for evaluating loans related to it, while a limited number of them indicated that these factors were becoming increasingly important within qualitative assessments of credit applications.
Care International Company received a notification from the Saudi Stock Exchange regarding a drop in the average closing price of its shares below the minimum required, in accordance with Article Thirty-Three of the Listing Rules, giving it a period of 3 months to correct its situation, starting on Tuesday, October 27, 2026.
The company explained, in a statement published on the Saudi Stock Exchange (Tadawul) website on Tuesday, that it intends to merge its shares in a way that achieves a closing price of no less than 3 riyals per share, by presenting the Board of Directors’ recommendation to the extraordinary general assembly for a vote, unless the closing price of the share rises to 3 riyals or more within the specified period.
It indicated that the merger process will lead to a decrease in the total number of shares and an increase in the share price in proportion to the merger percentage, without any change in the company’s capital.
The company warned that failure to comply with the requirements of the listing rules may lead to the suspension of trading in its shares, while allowing them to be traded outside the platform, in accordance with the relevant rules.
Care International affirmed its commitment to taking the necessary measures to address the situation and comply with market requirements, indicating that it will disclose any fundamental developments as soon as they occur.
