Newgen subsidiary secures SAR 15.98m loan origination project

Newgen Software Technologies Limited announced that its wholly-owned Saudi Arabian subsidiary has signed an agreement for a project to design and develop a loan origination system. The contract, valued at SAR 15,982,125, was awarded by a major public sector bank in Saudi Arabia, whose name is withheld due to confidentiality.

The project's scope includes a perpetual license, implementation, and one year of support services post-go-live, with an execution period of two years. This international agreement represents a key win for Newgen's subsidiary, expanding its footprint in the Middle East's financial technology sector.

The company confirmed that neither its promoters nor any group companies have an interest in the entity that awarded the order, and the transaction does not qualify as a related party transaction. The material event occurred on December 14, 2025.