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DEBT-
Sipchem affiliate renews syndicated bank facility with BSF, AlRajhi: Sahara and Ma’aden Petrochemicals Co (Samapco) — an affiliate of chemicals producer Sahara International Petrochemical Company (Sipchem) — signed a refinancing agreement for an existing syndicated bank facility amounting to SAR 1.5 bn with Banque Saudi Fransi (BSF) and AlRajhi Bank, Sipchem said in a disclosure to Tadawul yesterday. This brings the total financing amount provided by the two banks after a disbursed SAR 724.6 mn to SAR 2.3 bn.
The agreements also include a revolving Islamic murabaha facility totaling SAR 200 mn with each bank, according to the disclosure. Sipchem said the new banking facilities would help lower finance costs due to their “more favorable commercial terms and competitive pricing.”
TRADE-
Boosting non-oil exports: Saudi Export-Import Bank (Saudi Exim Bank) signed an ins. agreement and a murabaha agreement with the Saudi National Bank to fund the export of non-oil products, state news agency SPA reported. The agreements are designed to promote growth of Saudi’s non-oil exports by improving documentary credits and providing ins. and financing solutions.
REMEMBER- Saudi Exim signed last month a number of reins. treaties with global reins. firms led by the world’s second biggest reins. company Swiss Re. The agreements aim to expand ins. coverage to help drive growth of local exporters in overseas markets.
PHARMA-
Jamjoom Pharma expects production to rise in the coming quarters as its new sterile factory in Jeddah starts commercial operations and its facility in Egypt sees increased output, Argaam quotes CEO Tarek Hosni as saying. The Tadawul-listed pharma producer increased its presence in key markets in the GCC and the region during the first quarter of the year, including Saudi, Egypt and Iraq, Hosni said.
Background: Jamjoom Pharma’s net income grew 22% y-o-y to SAR 103 mn in 1Q 2024 onthe back of sales growth despite the impact of the EGP devaluation. Its revenues were up 28.1% over the same period to SAR 385.5 mn in the same period on the back of higher sales volume across its key markets and the launch of new brands. Revenues from its KSA business rose 24.9% y-o-y.
INFRASTRUCTURE-
National Water Company kicks off SAR 500 mn water projects in Madinah: The National Water Company (NWC) began implementing nine drinking water and sewage network projects in Madinah at an estimated cost of SAR 500 mn, state news agency SPA reported yesterday. The announcement comes days after the NWC started work on 12 water projects worth SAR 1.5 bn in the Eastern Province. The NWC is wholly owned by the PIF.
AVIATION-
Indian budget carrier Akasa Air has added Saudi as its second international destination on its network, it said in a post on X. The airline said it will launch two direct routes from Mumbai and Ahmedabad to Jeddah starting July. Akasa Air will fly to Jeddah from Mumbai starting Monday, 15 July while flights from Ahmedabad will start on Sunday, 20 July. The airline added Doha as its first international destination earlier this year.
FINTECH-
Riyadh Capital has set up a new fund to support the local fintech sector, it said on LinkedIn. The 1957 Ventures fund will be backed by Riyad Bank, with the purpose of spurring new fintech business models, directly supporting the sector and promoting competition, the statement read without providing further information.
