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M&A WATCH-
Methanol Chemicals (Chemanol) has become the majority owner of Addar Chemicals (ACC) after acquiring an 84% stake in the local chemicals manufacturer in a SAR 46 mn agreement, it said in a disclosure to Tadawul.
The move plays into Chemanol’s plans to boost its share in the specialty chemicals market and expand its product offerings. The acquisition also helps ACC cut down on production costs as some of its manufacturing lines will be merged into Chemanol’s.
AVIATION-
PIF-owned The Helicopter and Jet Company and Bristow Arabia Aircraft & Maintenance Services will work on “advanced air mobility” and other “vertical lift” initiatives in the Kingdom after signing an MoU, the two said in a joint press release. Neither company went into detail about the type of solutions they might be exploring, when service could begin, or when products might hit the market.
DATA SECURITY-
Homegrown records management firm Tejoury has set up shop in the UAE with the inauguration of a “regional hub” in Dubai Investments Park as part of the company’s ongoing expansion in the region, it said in a statement on Linkedin last week. Tejoury is set to offer prime document management solutions for businesses in the UAE and neighboring countries, it said. Tejoury currently has 26 operational facilities in the region, according to Mubasher.
LOGISTICS-
Nomu-listed shipping firm Munawla Cargo has obtained a customs clearance license from the Zakat, Tax and Customs Authority, it said in a disclosure to Tadawul.
MANUFACTURING-
Global server maker Hewlett Packard Enterprise (HPE) has begun manufacturing servers in Saudi Arabia with a local player in a bid to address regional demand, HPE CEO Antonio Neri told Nikkei Asia. No further information was provided.
E-COMMERCE-
E-commerce’s share in the overall retail market is expected to rise 15 percentage points to 25% by 2035, McKinsey Middle East Partner Abdellah Iftahy told Argaam on the sidelines of Retail Leaders Circle MENA Summit. Kearney put e-commerce’s current market share at 6% in a report out last week. Iftahy sees millennials and younger consumers accounting for 80% of total spending by 2035, up from less than 35% today.
INFRASTRUCTURE-
#1- The Tourism Development Fund signed an MoU with the PIF-owned New Murabba Development Company to promote its landmark downtown project in Riyadh as a tourist destination, it said in a statement on Linkedin yesterday.
#2- Egypt-based Rowad Modern Engineering is looking to secure three contracts in the Kingdom, CEO Mohamed Mahlab told Asharq Business (watch, runtime: 4:08). The projects include the Red Sea museum in Jeddah and a power plant in Rabigh, he said, without providing further details.
INVESTMENT WATCH-
The Investment Ministry inked a SAR 550 mn MoU with Pakistani A-cube to develop 12 entertainment parks across the Kingdom, it said in a post on X.
