Newgen Software Technologies Limited has announced that its wholly owned subsidiary incorporated in Saudi Arabia has secured a new international contract from a public sector bank in the Kingdom of Saudi Arabia. The agreement covers the design and development of a loan origination system and marks another overseas project for the company’s Middle East operations.
According to the disclosure made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the customer is a leading public sector bank in Saudi Arabia. The bank’s name has not been disclosed due to confidentiality obligations.
The total value of the contract is SAR 15,982,125, inclusive of taxes. In Indian currency terms, this translates to approximately ₹38.64 crore. The scope of work includes a perpetual software license, system implementation, and one year of post–go-live support services.
The project is expected to be executed over a period of two years. As per the company’s filing, the contract has been awarded by an international entity, with the counterparty based in the Kingdom of Saudi Arabia.
