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Hassan Allam opens up Saudi HQ: Our friends at Hassan Allam Holding, the regional construction, engineering, and infrastructure giant, yesterday inaugurated their regional headquarters in Riyadh after securing an investment license from the Investment Ministry, the group said in a statement (pdf). The new headquarters comes as part of the group’s plan to expand across the Middle East and Africa.
Based in the kingdom, but international in outlook: The new HQ will “play a critical role in steering [the company’s] international activities across the Middle East and Africa, equally, on the construction as well as the investment and development aspects of [the] business,” co-CEO Amr Allam said. In addition to contracting and engineering projects across the GCC, Egypt, and Africa, Hassan Allam is an investor and developer of water, energy, transport and logistics, and social infrastructure projects.
Remember: The group’s real estate arm Hassan Allam Properties earlier this week inked an MoU with local real estate player Sumou Holding to set up a JV to open up cross-border investments for the companies in Saudi Arabia and Egypt and to share expertise.
INVESTMENT WATCH-
UAE’s Burjeel Holdings expands its footprint in the local market: The ADX-listed healthcare provider has unveiled eight new physiotherapy centers in Riyadh, Yanbu, Jeddah, Dammam and Al Khobar, it said in a press release yesterday. The move brings Burjeel’s total number of PhysioTherabia centers in the local market to 12. The company launched four PhysioTherabia centers in Riyadh last year under a partnership agreement with the Riyadh-based fitness brand Leejam Sports.Burjeel has also unveiled a new collaboration with local insurer Tawuniyah.
M&A WATCH-
#1- Local ins. provider Saudi Re is offloading its entire 49.9% stake Probitas Holdings (Bermuda) under a freshly-inked purchase agreement with London-based Aviva Ins. in a bid to boost liquidity and accelerate growth in local and international markets, it said in a press release yesterday. The transaction is expected to wrap up by mid-2024 upon obtaining regulatory approvals.The transaction could amount to GBP 120 mn — that’s 5x Saudi Re’s initial GBP 20 mn investment into Bermuda. The final price is still subject to adjustments.
MANUFACTURING-
First Mills has started commercial operation at the new Durum Mill located in its Jeddah plant, according to a disclosure to Tadawul yesterday. The expansion adds four wheat products to the company’s product portfolio with an expected 300 tons increase in daily wheat production capacity.
FINANCIAL SERVICES-
Al Khabeer Capital Company will debut its Alkhabeer Diversified Income Traded Fund 2030 on Tadawul as a close-ended traded fund, according to a Capital Market Authority disclosure.
SAUDIZATION-
60% of the flight attendants and 70% of fixed-wing pilots working in the Kingdom will have to be Saudi nationals as part of phase two of localizing some licensed aviation jobs, according to a statement. The initiative will also be applied to private sector companies which have 5 or more aviation employees.
DEBT WATCH-
Fundamental Installation for Electric Work increases credit facilities limit by SAR 65 mn TO SAR 196 mn from Saudi Awwal Bank, said parent company Red Sea International in a disclosure to Tadawul. The funds are earmarked for the import of goods and payroll financing in relation to its wellness hub project Triple Bay.
