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DEBT WATCH-
Maiden retail saving sukuk program closes first round: The first issuance of the Finance Ministry and National Debt Management Center’s (NDMC) new retail saving sukuk program closed with orders worth SAR 861 mn placed, a statement by the NDMC read yesterday. They were fully allocated on Tuesday to 35k savers, it added. The program carries a 5.64% fixed annual yield. A second round will open on 3 March, according to the statement.
ICYMI- The Finance Ministry and NDMC launched this shariah-compliant retail saving instrument in a bid to diversify the nation’s savings offerings. The program will feature monthly issuances carrying annual fixed yields.
INVESTMENT WATCH-
#1- Malaz Capital buys into Ram Clinics: Private equity firm Malaz Capital has acquired a minority stake in local healthcare service provider Ram Medical Clinics, they said in a joint statement to Argaam yesterday. The transaction was made through the company’s private equity fund Malaz Saudi Healthcare Opportunities Fund. Ram will use the funds for expansion ahead of a possible IPO on Tadawul’s main market. No further details on the transaction or the prospective IPO were given.
Ram Clinics breaks down its business into dental, dermatology, and medical verticals. It has served more than 1 mn clients from 20 branches in Jeddah, Dammam, Al Khobar, and Yanbu.
“This investment will enable Ram Clinics to strengthen its market positioning through expansion and the business will experience added value through the partnership with a financial investor like Malaz Capital Company,” Malaz Capital CEO Hassan Al Jeshi said.
HOSPITALITY-
#2- Alhokair Group has purchased Novotel Hotel and Suites in Riyadh for SAR 38 mn, it said in a disclosure to Tadawul. Alhokair had previously been leasing the 115-key facility.
ENTREPRENEURSHIP-
Anew platform for agri-entrepreneurs dubbed Sonbola: The Environment, Water and Agriculture Ministry and the Communications and IT Ministry have launched a new program aimed helping entrepreneurs build more agricultural startups, state news agency SPA reported yesterday. The new Sonbola program joins sister program Sedra which was launched in 2022 to help boost entrepreneurship in the environment sector. Sonbola is backed by the Agricultural Development Fund, Estidamah and the Saudi Agricultural and Livestock Investment Company (Salic).
Another one coming soon: A third program focused on entrepreneurship in the water sector, dubbed Sahabah, will be launched in the third quarter of this year, Deputy Environment Minister Mansour Al Mushaiti said.
Why it matters: Agricultural, water and environmental focused startups make up only 1% of total startups in the Kingdom, Al Mushaiti revealed. He said the ministry hopes to bring the figure to 10%, he said, adding that he expects the startups in those sectors to contribute c. SAR 4 bn to non-oil GDP by 2030.
TECH-
Edarat Communication and Information Technology has entered into a three-year agreement worth SAR 1.9 mn to provide the Saudi Health Council with cloud services for disaster-recovery data centers, it said in a disclosrue to Tadawul.
