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ENERGY-
The Saudi Electricity Company (SEC) has completed and activated the SAR 1 bn electrical interconnection project between the central and southern regions, state news agency SPA reported. The project, which spans 830-km, includes 2.1k antenna towers and electrical transformers with a capacity exceeding 2k megavolt-amperes. It passes through the main substations in Al Kharj, Al Aflaj, Wadi Al-Dawasir, and Bisha.
LOGISTICS-
#1- SAL Saudi Logistics has inked an agreement with Air China that will see the Tadawul-listed cargo firm offer air cargo handling services to the Chinese flag airline, state news agency SPA reported. It will also see SAL provide Air China with ground transportation connections in airports in the Kingdom and GCC.
TRADE-
The Kingdom’s trade balance was up 36% m-o-m to achieve a surplus of SAR 41 bn surplus in April 2024 — its highest recorded level this year, state news agency SPA reported, citing figures from state statistics agency Gastat. It grew 48.5% since the start of the year. Oil exports accounted for 78% of total exports at SAR 79.3 bn in April, while non-oil exports came in at SAR 16.2 bn to account for 16% of total exports.
COMMODITIES-
Third wheat tender of 2024: The General Food Security Authority (GFSA) has issued a tender to purchase 595k tons of wheat in its third tender for 2024, it said in a post on X. Shipments are expected to arrive between September to December 2024 across four of the Kingdom’s ports. European traders said results are expected on Monday, 1 July, Reuters reported.
DEBT WATCH-
First Mills secures SAR 150 mn funding: Tadawul-listed First Mills has inked a SAR 150 mn loan agreement with the Saudi Industrial Fund (SIDF), which will be used to fund the milling company’s operations and capital needs, according to a disclosure to Tadawul. The two-year loan will be repaid in four installments.
TECH-
Communications and IT Minister Abdullah Al Sawaha discussed with US officials in Washington expanding a strategic partnership between the Kingdom and the US in the IT sector, state news agency SPA reported. He also mulled boosting the digital economy and advancing the space sector at home.
HEALTHCARE-
Dammam-based Canadian Medical Center (CMC) has inked a SAR 16.5 mn contract with Johns Hopkins Aramco Healthcare, a joint venture between Aramco and Johns Hopkins Medicine, to operate nine of its healthcare clinics for two years, CMC said in a disclosure to Tadawul. CMC is planning a transition to the main market Tadawul as it pushes ahead with an ambitious expansion plan that will see it move into new segments of the industry.
CAPITAL MARKETS-
#1- Three funds have obtained regulatory approval to be listed after the Capital Market Authority (CMA) gave their fund managers the green light. Those include the Sedco Capital IPO Fund, Al Rajhi Petrochemical Fund and Al Rajhi Large-Cap Fund.
#2- Khobar-based boutique investment bank Musharaka Capital has dissolved its Majediah Real Estate Fund I, it said in a statement to Argaam. It sold a total of 110 residential units in two of the fund’s projects in Riyadh, achieving a 56% yield within three years of the fund’s launch. The fund was set up as a Shariah-compliant private closed-end real estate investment fund.
