HSBC                                        EXHIBIT 10.29

FROM

HSBC Bank Middle East Limited, having its principal office at HSBC Tower, Downtown Dubai, PO Box 66, Dubai, United Arab Emirates (hereinafter referred to as the “we” or the “Bank” which expression, where the context so requires, shall include is successors, administrators and assigns).

TO

Ibex Global FZ-LLC, having its principal office at Office 206 Building 8, Dubai Outsource City, Dubai, UAE (hereinafter referred to as “you” or the “Customer” which expression, where the contract so requires, shall include its successors, administrators and assigns).

Our Ref: CMB ISB 266301                                16 March 2026

Dear Sir/Madam,

RENEWAL WITH AMENDMENT OF BANKING FACILITIES – Account Number: 023-778103

Following the Review, we are pleased to renew your facilities (the "Facilities") as set out in the chart "The Facilities" attached hereto as Schedule 1 (The Facilities). This facility offer letter (the "Facility Offer Letter") sets out the agreed amendments to facility offer letter ref: CMB ISB 258846 dated 22 May 2025 (the "Existing FOL"). All other terms of the Existing FOL will remain in full force and effect.

This Facility Offer Letter and any request made by the Customer for a Trade Service (as defined in the Standard Trade Terms) shall incorporate the Standard Trade Terms as thought they were set out in full. The Customer confirms that it has read and understood the Standard Trade Terms and agrees that this Facility Offer Letter and any request made for a Trade Service incorporates the Standard Trade Terms and that the Standard Trade Terms apply to such requested Trade Service.

By confirming you acceptance to this letter, a formal and binding agreement will be constituted between us.

    

PLEASE SIGN EACH PAGE
Customer: /s/ NE /s/ SA			Bank: /s/ AN

HSBC Bank Middle East Limited

HSBC Tower,

Downtown Dubai, PO Box 66, UAE

Tel: +971 442 35168

Website: www.hsbc.ae

Incorporated in the Dubai International Finance Centre Regulated by

the Central Bank of the U.A.E. and lead regulated by the Dubai

Financial Services Authority.

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Our Ref: CMB ISB 258846        16 March 2026

In the event of a conflict between the terms of this Facility Offer Letter and the Existing FOL, or any previously signed facility offer letter, the terms of this Facility Offer Letter shall prevail. Unless otherwise defined in this Facility Offer Letter, capitalized terms shall have the meaning ascribed to them in the Terms and Conditions (as defined in the Existing FOL).

For the avoidance of doubt:

(A)any reduction to and/or cancellation of the Credit Limit of one or more Facilities contained in this Facility Offer Letter shall become effective immediately on the date indicated at the beginning of this Facility Offer Letter regardless of the counter signature of the Customer; and

(B)nothing in this Facility Offer will affect the right of the Bank to carry out any of the following with respect to uncommitted Facilities (i) undertake a Review of the Facilities; (ii) reduce, cancel, withdraw (or determine whether or not to permit a Drawdown in relation to) any Facilities; (iii) request the repayment on demand of the Facilities including the right to call for cash cover on demand for Contingent Facilities, in each case pursuant to the terms of the Facility Documents.

The total principal amount of the Facilities which may be outstanding at any time is USD50,305,957/-(US Dollar Fifty Million Three Hundred and Five Thousand Nine Hundred and Fifty-Seven only).

The Facilities under the Existing FOL shall be amended as set out in Schedule 1 (The Facilities) hereto.

Security/Collateral

In addition to any Security and/or guarantee and/or collateral previously provided to the Bank, the Customer must provide the following Security and/or guarantee and/or collateral together with the countersigned original of this Facility Offer Letter, otherwise in accordance with the timeline indicated hereunder:

Item			Details
1			The Customer shall provide cash collateral for each Facility in the percentage set forth in Schedule 1 (The Facilities).

The following Security will remain in full force and effect:

Item			Details
1			USD52,550,000/- Corporate guarantee from IBEX Limited, Bermuda in favour of the Bank

Further Conditions

The following conditions shall apply to the Facilities:

Item			Details
1			The Trade Finance Facilities are subject to the Standard Trade Terms. The Reference Rate (other than an Overnight Rate) applicable to Trade Finance Facilities shall be calculated in accordance with clause 6.1(a) of the Terms and Conditions.

PLEASE SIGN EACH PAGE
Customer: /s/ NE /s/ SA			Bank: /s/ AN

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Our Ref: CMB ISB 258846        16 March 2026

No			Details
			For the purpose of this Facility Offer Letter, “Trade Finance Facility” means a Guarantee Line Facility, an Import Line Facility, an Import Cash Line Facility and an Export Cash Line Facility. Unless otherwise indicated in Schedule 1 (The Facilities) to this Facility Offer Letter, the Customer shall pay to the Bank (where applicable) a commission in the amount set out in the Tariff of Charges from time to time applicable.
2			The Commercial Card Facility shall be subject to the Commercial Card Terms and Conditions. The Customers agrees, that unless otherwise agreed, a person who according the the Bank's record is authorized to sign on behalf of the Customers, can also sign any Commercial Card Application Form and request cards to be issued within the approved Commercial Card Facility Credit Limit.
3			The Customer shall immediately notify in writing the Bank in case there is a change in its ownership from the one existing as as the date of the Facility Offer Letter
4			The Customer to note that upfront cash margin shall be obtained in the same currency as guarantee will be issued, prior to utilization of facilities.
5			The Customer acknowledges and agrees that the issuance of a Tender Bond Guarantee (TEB) cannot be construed as a commitment or an undertaking of the Bank to provide further financing except as expressly contained in this Facility Offer Letter.

Save as stated otherwise, the terms of this Facility Offer Letter shall continue to apply unless, further to a Review, the Bank sends to the Customer a new, revised, or supplemental Facility Offer Letter in accordance with Clause 10.2 of the Terms and Conditions, or a notice of cancellation in accordance with Clause 2.3 of the Terms and Conditions.

To accept the above offer, please arrange to sign and return a copy of this letter along with the stipulated Security Agreements on or before 16 May 2026 after which time this offer, if not accepted, will be deemed to have lapsed. The Bank reserves the right to withdraw this Facility Offer Letter at any time before it is accepted by you.

Yours faithfully

For and on behalf of

HSBC Bank Middle East Limited

s/s Amiy Nayan                            /s/ Mauli Nanavati

Amiy Nayan                            Mauli Nanavati

Authorised Signatory                        Authorised Signatory

PLEASE SIGN EACH PAGE
Customer: /s/ NE /s/ SA			Bank: /s/ AN

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Our Ref: CMB ISB 258846        16 March 2026

Dear Sirs,

I/We AGREE AND ACCEPT the offer contained in this letter. I/We also acknowledge that I/We have received, fully read and understood the Existing FOL and the “General Terms and Conditions Applicable to Corporate Banking Credit Facilities” expressly agree to be bound by them.

For and on behalf of

Ibex Global FZ-LLC

/s/ Nadeem Elahi                      /s/ Syed Mohammad Adnan

(Signature of person who has the authority to Borrow)

Name: Nadeem Elahi                     Syed Mohammad Adnan

Title:     Authorized Signatory                Authorized Signatory

Date: 06-05-2026                    06-05-2026

Note: This is an important legal document. HSBC Bank Middle East Limited strongly recommends that you seek the advice of your solicitor or other legal adviser prior to signing this document.

PLEASE SIGN EACH PAGE
Customer: /s/ NE /s/ SA			Bank: /s/ AN

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SCHEDULE 1 (The Facilities)

Ref.

Amount

Account(s) No./Product

Non-Standard Pricing

Tenor/Expiry Date/Interest Period/ Interest Payment Date/Other Terms

1.0

Guarantee Line AED940,000/-(Credit Limit)

Purpose: For issuance of guarantees

AED940,000/- (Sub Limit)

PEB (NEW)

Maximum Tenor: 12 months Cash Collateralisation: 100%

AED940,000/-(Sub-Limit)

TEB (NEW)

Maximum Tenor: 4 months Cash Collateralisation: 100%

2.0

Guarantee Line AED940,000/-(Credit Limit)

Purpose: For issuance of guarantees

AED940,000/-(Sub-Limit)

PEB, TEB (NEW)

Tenor: Open ended Cash Collateralisation: 100%

GLOSSARY:
Overdraft Facility
UOR: Unauthorized Overdraft Rule
Guarantee Line
APG: Advance Payment Guarantee; CGB: Credit Facility Guarantee; FNG: Financial Guarantee; PEB: Performance Bond Guarantee; TEB: Tender Bond Guarantee; REB: Retention Bond Guarantee; CGA: Custom Tax Guarantee
Import Line
DC: Documentary Credit; SDC: Financial Standby Letter of Credit; BR: Bill Receivable; SDG: Trade related Standby Letter of Credit; SDN: Performance Standby Letter of Credit
Import Cash Line Facility
AVL: Availisation; BR: Bill Receivable; LDC: Clean (Local) Documentary Credit: CIL: Post Shipment Buyer Loan; DTL: Post Shipment Buyer Loan (Domestic) DPB: Deferred Payment Bill; DPC: Deferred Payment Credit; DC: Documentary Credit; PNP: Pre Shipment Buyer Loan; SGT: Shipping Guarantee; SDN: Performance Standby Letter of Credit; SDG: Trade related Standby Letter of Credit; AWR: Shipping Guarantee/Airway Bill Release Order; SDC: Financial Standby Letter of Credit
Export Line Facility
BAP: Bills Purchased Documents against Acceptance Non DC; BPP: Bills Purchased on Delivery against Payment Non DC; BAC: Bills Purchased on Documents against Acceptance DC; BPC: Bills Purchased Under other Bank DC’s; BCA: Documents Against Acceptance; IBC: Documents Against Payment; LAE: Loan Against Exports; PC: Packing Credit

    

PLEASE SIGN EACH PAGE
Customer: /s/ NE /s/ SA			Bank: /s/ AN