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PAYMENTS-
HSBC + Geidea: Our friends at HSBC have launched an e-commerce digital payment platform, Omni Collect, in the UAE in partnership with Saudi fintech outfit Geidea, according to a press release (pdf). Omni Collect is accessible to corporate clients on HSBCnet, allowing businesses to collect digital payments across multiple channels, including credit, debit cards, Apple Pay and Samsung Pay. “The partnership with Geidea will see the fintech provider integrate a merchant acquiring facility within Omni Collect, allowing all HSBC business and corporate clients access to the card receivables solution, giving them greater understanding of their collections data,” HSBC said. Geidea was founded by Abdullah Faisal Al Othman (LinkedIn), who also serves as the company’s chairman.
EVs-
PIF-baked EV maker Lucid and the Electric Vehicle Infrastructure Company (Eviq) will expand fast-charging infrastructure across Saudi after signing a “strategic MoU,” Saudi Gazette reported. The partnership will see Lucid and Eviq developing fast EV charging stations. Information on the size, value and timeline of the project was not disclosed. Eviq — a JV between the PIF and Saudi Electricity — opened its first fast EV charging stations in Riyadh earlier this year, with plans to set up over 5k fast chargers in some 1k locations across Saudi cities by 2030.
Eviq also signed a cooperation agreement with Riyadh Municipality development arm Remat Al Riyadh Development to install fast chargers across the Kingdom, it said in a post on X. Eviq also signed an agreement with commercial real estate company Al Andalus Property to install 10 new 50 kW EV stations in four malls across Riyadh and Jeddah, it said on X.
TECHNOLOGY-
#1- Solutions by stc signed an agreement to form a joint venture with Jeddah Development and Urban Regeneration (Jedco), it said in a disclosure to Tadawul. The JV — in which solutions will own a 70% stake with Jedco holding the remaining 30% — will provide “cutting-edge solutions” for projects implemented by Jedco and its subsidiaries. These include digital solutions, digital platforms and information technology infrastructure, solutions said. The JV is still subject to regulatory approvals, according to the disclosure. Telecom giant stc owns 79% of solutions.
#2- Saudi Azm for Communications and IT landed a project with small and medium enterprises regulator Monsha’at to develop and operate the authority’s internal systems, it said in a disclosure to Tadawul. The project’s value exceeds 5% of Azm’s total 2023 revenues, it said.
TELECOMS-
Beyond One to bring eSIMs to Riyadh Airport: Beyond One — owner and operator of Virgin Mobile MEA and Virgin Mobile Latam — is introducing a global travel eSIM that allows users to access mobile data in over 180 countries, it said in a post on Linkedin. The move comes as part of an agreement it signed with Riyadh Airports Company to boost digital connectivity at Riyadh’s King Khalid International Airport. No further information was disclosed.
TOURISM-
#1- PIF-owned Cruise Saudi, a first mover in the local maritime cruise tourism industry, received the first “maritime tourist agent for cruise ships” license issued by the Saudi Red Sea Authority in a move to further develop the sector, SPA reports. Cruise Saudi operates across three destinations: Jeddah, Dammam, and Yanbu. The Jeddah-based company aims to “become a world class cruise port and cruise line operator driving the development of destination experiences to build a thriving cruise sector in Saudi.”
#2- Warner Bros. Discovery to promote Soudah Peaks as luxury tourism destination: Soudah Development — a real estate development company fully owned by the PIF — signed a partnership agreement with media giant Warner Bros. Discovery International to promote tourism in Soudah and areas of Rijal Almaa located southwest of the Kingdom, according to a statement. The one-year partnership will focus on the area’s luxury mountain tourism destination Soudah Peaks and surrounding areas through the production of three short documentaries, which will be aired during the summer across the US, Europe, Middle East, Africa and India.
About the project: Launched by Crown Prince and Prime Minister Mohammed bin Salman last year, Soudah Peaks is situated 3k meters above sea level in what is the Kingdom’s highest point. It extends from the region of Soudah to parts of Rijal Almaa with a project area of 627 square kilometers. It aims to contribute USD 7.8 bn to the Kingdom’s cumulative GDP by 2033.
TRADE-
The Saudi Export-Import Bank (Saudi Exim Bank) signed a non-binding agreement with Australian investment bank Macquarie Group to provide credit facilities worth USD 500 mn to fund exports of Saudi’s non-oil products and services, it said in a post on X. The move aims to connect local exporters to more than 156 markets globally.
TRANSPORT-
#1- Saudi Arabia Railways (SAR) raised the capacity of its high-speed Haramain train service by 100k seats to a total of 1.6 mn seats in preparation for the Hajj season, state news agency SPA reported. Some 430 trips were also added to reach a total of 3.8k trips to accommodate for the influx of pilgrims. The railway’s 453-km line connects Makkah to Madinah through Jeddah through five stations.
FINTECH-
#3- Pharma player Al Mujtama Al Raida Medical is set to sign a SAR 11.4 mn contract with a German company that would provide the Nomu-listed firm with an automated system for its main warehouse and one of its pharmacies, it said in a disclosure to Tadawul. This is in a bid to “reduce labor costs and complete operations within the warehouse in the shortest possible time and with the highest accuracy.”
SUSTAINABILITY-
ُThe government unveiled a number energy efficiency initiatives at Saudi ESCO 2024 earlier this week, Asharq Al Awsat reported.
PIF leads the way: Tarshid — an energy services company wholly owned by the PIF — unveiled plans to launch 50 solar photovoltaic projects across the Kingdom this year after it launched ten projects last year. Tarshid also plans to launch 84 retrofit projects to save up to 2.1 terawatt-energy across the Kingdom.
Other initiatives include:
- Updated regulations for licensing businesses that sell energy-efficiency services;
- An updated user guide for national measurement and verification of energy efficiency;
- The launch of an independent energy-auditors platform;
- The launch of a platform that will showcase potential investments in energy efficiency projects.
M&A WATCH-
Bank AlJazira buys out Solidarity Group’s stake in AlJazira Takaful: Bank AlJazira signed an off-market purchase agreement to buy Solidarity Group’s 7.05% stake in AlJazira Takaful Taawuni, it said in a disclosure to Tadawul. The transaction — which came following a non-objection by Saudi Central Bank (Sama) — brings the bank’s ownership in the ins. Company up to 29.36%, according to a separate disclosure by AlJazira Takaful Taawuni. The value of the agreement was not disclosed.
The rationale: The moves as Bank AlJazira’s looks to deepen its exposure to the ins. sector.
REAL ESTATE-
US-based IT services company DXC Technology opened a new office space in Riyadh, according to a statement. The office — located at King Abdullah Financial District in Riyadh — will be home to “technology-enabled reconfigurable spaces to support collaboration and connection…and rooms incorporating multi-functional and adaptable spaces to meet the evolving needs of customers.” DXC has been operating in Saudi for over 20 years, providing its services to 14 customers across diverse industries. Some of its technology partners in Saudi include ServiceNow, SAP, Oracle, Microsoft, AWS and Splunk.
