Saudi Arabia: Saudi-based Al-Moammar Information Systems Co., and Al Rajhi Capital on Sunday launched signed a memorandum of understanding to launch a Shariah-compliant investment fund worth SR1 billion ($266 million), according to a bourse filing.

MIS said the investment fund will be launched as a first phase with the aim of partnerships in digital infrastructure and medical equipment projects and in accordance with the Investment Funds Regulations of the Kingdom’s Capital Market Authority.

Under the deal, MIS will be the marketer, supplier, executor, and exclusive operator of the fund’s projects.

“The fund provides various financing methods that suit clients' requirements, such as long-term leasing, construction, operation, transfer, payment for use, and partnership programs between the public sector, private sector, and other financing structures,” the company said in a statement.

MIS was established in 1979 in Riyadh and it is the Kingdom’s first listed company in the category of IT.