A Saudi credit committee does not read a feasibility study front to back. It reads it in a specific order, and the first few pages decide whether the rest gets a proper look. If you know that order, you can build a study that gets read — and read fairly.
Debt service comes first. Before anything else, the committee wants to know whether the project can service its debt in every year of the loan, not just on average — the debt-service coverage ratio (DSCR): the minimum across the tenor, the average, and the shape of it year by year. A study that reports a single headline DSCR, or only an average, invites the question the committee least wants to ask: what happens in the tight years? Show the profile, and show it under stress.
The financing structure is next. The committee looks at the debt-to-equity split, the drawdown and repayment schedule, and — critically — whether the sponsor's equity is genuinely at risk before the bank's money is drawn. In the Kingdom, SIDF-format submissions carry their own expectations: Zakat and VAT handled explicitly on the face of the statements, not bolted on, and local cost lines (GOSI, utilities) treated the way a Saudi reviewer expects to see them.
Then the returns. Project IRR is read against the cost of capital — does the return justify the risk the lender is taking? Equity IRR confirms the sponsor is compensated for putting money in first. Neither number means much alone; they mean something next to the cost of capital and next to each other.
Finally, the sensitivity work — where credibility is won or lost. A committee trusts a model that shows what happens when the assumptions that actually matter move — price, volume, ramp-up speed, financing cost — not one that only shows an optimistic base case. The most persuasive studies flex several variables together, because that is how real downside arrives.
Two things sink otherwise-good studies here. The first is revenue built on a ramp-up curve that reaches full utilisation almost immediately — it reads as optimism, and optimism is discounted. The second is local treatment that is wrong or missing: Zakat, VAT, and the SIDF format are not decoration; their absence signals the model was not built for this market.
Every Parxium model is built to present these in the order a committee reads them, with the local treatment a Saudi reviewer expects. We build to that submission standard; we do not obtain, guarantee, or imply approval by any bank or institution.
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