Sign in
DEBT WATCH-
Saudi Electricity has lined up a five-year USD 1 bn murabaha facility from the Saudi National Bank (SNB) to “finance its capital expenditures and general corporate purposes,” it said in a disclosure to Tadawul yesterday. The fresh facility — in which SNB is marked as a related party — is subject to renewal for up to two years.
CONSTRUCTION-
China’s geotechnical engineering service provider Geoharbour was awarded nine contracts worth SAR 150 mn in Saudi this year, its regional director for the Middle East Tom Bi told Aleqtisadiah. Geoharbour has completed the first phase of Jeddah’s stadium foundations, which is set to host Fifa World Cup 2034 games, at a cost of SAR 15 mn. Work on the second phase is set to begin after four months, he added.
A busy pipeline: The projects awarded to the Shanghai-based company include work for the Red Sea development project, The Square in Riyadh, the upgrade of Aramco’s Jafurah gas field and Yanbu Refinery, Neom’s Oxagon, Riyadh’s Saad 2 Solar PV Park, Acwa Power’s Shuaibah, and soil improvement for schools in Jubail in collaboration with the Royal Commission for Jubail and Yanbu.
M&A WATCH-
#1-Healthcare supplier Lana Medical signed an MoU to acquire a 50% stake in Belarusia’s Solar Laser Systems, it said in a disclosure to Tadawul yesterday. The MoU is valid for three months or until a binding agreement is signed. The acquisition — which is internally funded by Lana — is aimed at boosting Lana’s market share as a supplier of medical lasers in the Kingdom. It also aims to transfer the medical laser industry and related technologies to Saudi. No financial details were disclosed.
Background: Riyadh-based Lana Medical has been supplying Solar Laser Systems’ medical lasers to the local market since 2015, according to the disclosure.
#2- Tihama inked an investment agreement with the Saudi Film Fund valued at SAR 37.5 mn in exchange for a 10% stake in the fund’s SAR 375 mn capital, it said in a disclosure to Tadawul yesterday. The six-year agreement, with a possibility of a one-year extension, was reached after Tihama’s board explored potential investments in the film industry following its financial reorganization. It examined the terms and conditions of the fund back in July 2023, the disclosure says. Tihama — an advertising, public relations, publishing, and media group — said it was the “first public joint stock company to participate in this type of investment.”
ALSO- The Saudi Film Fund plans to distribute 6% dividends semi-annually starting from the third year of operation. It is penciling in a total return of 17% as set in its subscription memorandum, according to the disclosure.
ENERGY-
Modon partners with China’s Arctech for solar tech initiative: The Saudi Industrial Cities and Technology Zones Authority (Modon) and Chinese solar equipment maker Arctech Solar will develop a facility for the production of smart solar trackers and building-integrated solar photovoltaic systems in Jeddah’s Second Industrial City, according to a press release.
About the facility: The factory will manufacture the SkyWings solar tracking systems with a 3 GW capacity for the regional market and a 10 GW local delivery capacity. It will span about 97k sq meters, according to the press release.
AVIATION-
New routes + loyalty programs for Riyadh Air: The Public Investment Fund’s second flagship carrier Riyadh Air signed an MoU with the Saudi Tourism Authority that will see the two launch new air routes, loyalty programs, and global sponsorships, the authority said on LinkedIn. The agreement was sealed on the sidelines of the ongoing Arabian Travel Market in Dubai.
Riyadh Air is expanding — and wants to be known for its experience: The carrier is looking to “sell experiences,” not just airline tickets, Riyadh Air’s Vice President for Marketing and Corporate Communications Osamah Alnuaiser told Skift at the travel trade show. Riyadh Air CEO Tony Douglas told Bloomberg earlier this week that the airline is also planning to make follow-up aircraft orders to meet its fleet needs ahead of its planned 2025 debut. The move would add to the airline’s order for up to 72 Boeing Dreamliners in March, according to the business information service.
FINANCE-
Kuwait-based Arab Fund for Economic and Social Development has joined the International Finance Corporation (IFC) co-lending platform Master Cooperation Agreement (MCA), according to a statement by the World Bank’s private investment arm. As part of the agreement, the Arab Fund will pour USD 500 mn to support private sector growth and job creation in the fund’s member countries. The Kuwait-based fund is the third signatory from the region after Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD) and Dammam-based Arab Petroleum Investments Corp (Apricorp).
MCA? It is a co-lending platform that allows borrowers in developing countries to obtain loans from multiple development institutions under a single package. The IFC acts as lead arranger for the platform which has provided some USD 12 bn under the framework.
ENVIRONMENT-
Ten MoUs and investment contracts focused on developing plant cover and related infrastructure across the Kingdom were signed during the inaugural National Greening Forum, Al Riyadh reported yesterday. The signatories of agreements include the Zakat, Tax and Customs Authority (Zatca), National Housing Company, PIF-owned Red Sea Global, Riyad Bank, Estidamah and others. No further details were provided.
TECH-
Multinational IT services player Cognizant and Google Cloud will work together on generative AI and data in Saudi Arabia as part of a new strategic partnership, according to a joint press release. The two companies plan to focus on generative AI through Google Cloud’s Gemini platform and data modernization as well as investments in local businesses, as they look to “unlock the transformative potential of AI, empowering businesses to enhance operational efficiency, elevating customer experiences, and driving growth throughout Saudi Arabia and the wider region,” said Google Cloud’s Saudi Country Manager Bader Almadi.
