Today, Monday, the 3rd of Rabi' al-Thani 1448 AH, corresponding to September 14, 2026 AD, an administrative decision No. SMD-2026-15-GUAR was issued by the CEO, Mohamed Al-Shahrani, in his capacity as CEO and based on the administrative powers granted to him, as part of our ongoing efforts to develop our administrative and financial system, enhance the protection of our group's rights in commercial projects, and organize the necessary requirements and guarantees for dealing with our clients.
Article One of the decision specifies the guarantees we rely on when contracting with a client to execute a commercial project. By "commercial project," we mean any technical project aimed at achieving purely commercial and profitable objectives, excluding personal projects or graduation projects. Examples include, but are not limited to: programming an application or building a Minimum Viable Product (MVP) for a project idea. If the client wishes to pay on credit, we rely, in addition to the service agreement contract concluded between the two parties, on a set of guarantees that include: the acceptance of the commercial registration, if available, as the second party "the client," represented by its owner or legally authorized representative by an internal decision or by the articles of incorporation/ bylaws; providing an electronic promissory note via the Nafith platform with the identity of the founder or the legally authorized representative responsible; providing a personal or real guarantee from the founder if available and capable of registration and execution; and in the case of providing a real guarantee, the founder submits a declaration stating that there are no prior guarantees on the pledged asset.
Article Two outlines the documents that the client is obligated to submit once if their project is officially registered and has a valid commercial registration. These include: the commercial registration, the articles of incorporation/bylaws if available, ownership data and ownership percentages, the identity and data of the legal representative, the national address, and official contact information.
According to Article Three, the client is obliged to provide us with financial data and documents on a monthly or quarterly basis (every three months) until the full value of the contract is paid. This data includes financial statements or available financial data, and the company's or institution's bank statement for an appropriate period.
Article Four stipulates that our departments and responsible employees are committed to implementing what is stated in this decision, verifying the fulfillment of guarantees and approved documents before approving commercial projects, and following up on updating financial data until the full value of the contract is paid. This decision shall take effect from the date of its approval, and we will circulate it to all responsible parties to act accordingly.
We see this decision as a necessary step that aligns with the expansion of our commercial projects and the diversity of our clients, providing us with a clear framework to protect our financial rights without affecting the course of our contractual relationship with committed clients, thereby enhancing institutional discipline in our dealings with commercial projects based on deferred payment.
