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SMEs-
#1- Tunisia is getting USD 60 mn from the IsDB: The Islamic Development Bank (IsDB) signed a joint financing agreement worth USD 60 mn with Tunisia to support SMEs, Tunisian state news agency TAP reported. The agreement sees the Jeddah-based bank providing Tunisia USD 50 mn to support SMEs and a USD 10 mn grant under a partnership with the United Nations Industrial Development Organisation (Unido) for a similar purpose.
#2- Itfc extends USD 25 mn to Banque du Caire to support local SMEs expansion in Egypt: The International Islamic Trade Finance Corporation (Itfc) and the Saudi Export-Import Bank (Saudi Exim Bank) signed a USD 25 mn line of credit with Egypt’s Banque du Caire to help local SMEs expand their operations in Egypt, a statement by the Jeddah-headquartered bank read. The financing line will also enable exports of non-oil exports to Egypt, according to the statement.
CONSTRUCTION-
Lana Contracting — a subsidiary of healthcare provider Lana Medical — was awarded a SAR 6 mn contract to restore the Peninsula Shield Forces’ HQ in King Khalid Military City, it said in a disclosure to Tadawul. The company will be responsible for all of the project’s structural, architectural and electromechanical installations.
MINING-
Tadawul-listed miner Almasane Alkobra (Amak) was awarded a copper and zinc exploration license from the Industry and Mineral Resources Ministry, it said in a disclosure to Tadawul. Amak said it will conduct necessary exploration surveys to ensure the availability of copper and zinc at the concession area located next to the Guyan extension exploration license and the current Jabal Guyan gold mining license.
SHIPPING + MARITIME-
A new shipping service is set to boost Jeddah Islamic Port’s links to Mediterranean ports, the Saudi Ports Authority said on X. The new service, dubbed Levant Express and operated by the Mediterranean Shipping Company (MSC), will operate weekly trips to the ports of La Spezia and Naples in Italy, Mersin in Turkey, and Alexandria in Egypt with a capacity of up to 15k containers.
AGRICULTURE-
The National Agricultural Services Company signed a cooperation agreement with global agricultural consultancy firm Delphy to transfer agricultural technologies and train local agricultural consultants, state news agency SPA reported.
ENERGY-
Saudi Electricity Company is getting a helping hand from JBIC: The Japan Bank for International Cooperation (JBIC) will help develop solutions to Saudi Electricity Company (SEC) in renewable energy and transmission infrastructure, according to a statement by the Japanese state-owned bank. This plan will be implemented through investments by Japanese companies and technologies and a possible provision of final support, it said, without clarifying.
PHARMA-
US-based drugmaker AbbVie opened its regional HQ in Jeddah, according to a statement. The regional office will help the leading pharma manufacturer expand its operations in Saudi and the wider Middle East Region, AbbVie intercontinental area Senior Vice President Pierre-Claude Fumoleau said.
TRANSPORT-
Riyadh-based concrete manufacturer Meyar has added eight new trucks to its fleet to help boost supply chain efficiency, it said in a disclosure to Tadawul. It purchased the trucks under a SAR 2.4 mn purchase agreement with trucks distributor Commercial Saleh Ibrahim Al Dohan.
CONSULTING SERVICES-
US-based consultancy firm Alvarez & Marsal (A&M) has incorporated its regional headquarters in Riyadh as its Saudi team grew sixfold over the past year, it said in a statement. It said the move “aims to leverage local insights in the Kingdom to drive sustainable growth and innovation.” A&M, which has a footing in Saudi since 2017, provides a wide-array of consulting services in the areas of banking, tax, healthcare and dispute resolution, among others.
And that’s not all: 13 local graduates will join A&M’s inaugural Bidayah Graduate Program where they will be trained on management consulting by industry experts over the course of the program’s 12-months period, according to the statement.
FOOD SECURITY-
The Agricultural Development Fund (ADF) signed a MoU with the Islamic Corporation for the Ins. of Investment and Export Credit (ICIEC) to promote food security, they said in separate statements (here and here). The cooperation agreement will see ICIEC provide ins. coverage of ADF’s agricultural investments overseas and support agricultural projects in Saudi. The ICIEC is a member of the Islamic Development Bank (IsDB)
CULTURE-
The Heritage Commission signed a scientific cooperation agreement with Japan’s Kanazawa University to conduct archaeological surveys at pre-historic sites in Al Jouf and Tabuk, it said in a post on X.
ARTIFICIAL INTELLIGENCE-
Riyadh gets first Arabi- language AI processing center: The King Salman Global Academy for Arabic Language launched the first artificial intelligence center for automated Arabic language processing in Riyadh, the academy’s secretary-general Abdullah Al Washmi told Arab News. The center will be home to five main laboratories focused on developing AI-based innovations, applications and others in Arabic.
