Sign in
STARTUP WATCH-
Homegrown food pick-up app Twlm has raised SAR 1 mn (USD 270k) in a funding round, according to a press release. The round was led by B Group, with participation from unnamed angel investors. The startup will use the fresh funds to expand its network to 1k local restaurants before year end, up from the current 250.
DEBT WATCH-
Nomu-listed telecom and power infrastructure firm Keir International has more than doubled its line of credit with Banque Saudi Fransi to SAR 74 mn, up from SAR 32.2 mn, a filing to Tadawul showed. The funding will be allocated to finance projects, bank guarantees, and letters of credit, Keir explained.
SPACE-
US space research organization Seti Institute has partnered with the Saudi Royal Commission for AlUla to deploy space surveillance systems at AlUla Manara Observatory in the historic archeological site, launch educational programs, and conduct joint research projects, according to a statement (pdf) from Seti. The partnership seeks to position AlUla Manara Observatory as a hub for astro-tourism and space research, the statement read.
REGULATION WATCH-
#1- A new royal decree mandates that the eldest present royal member of the cabinet to chair meetings in the absence of King Salman and Crown Prince Mohammed bin Salman, state news agency SPA reported. The story got ink from Reuters.
#2- The new law of the Oversight and Anti-Corruption Authority defines the Authority’s structure, responsibilities, and operational procedures for combating corruption, including oversight of public entities, handling investigations, and promoting transparency, as published on the Official Gazette Umm Al Qura The law outlines the Authority’s powers to monitor administrative practices, receive and verify complaints, and recover illicit assets. It also sets rules for budget management, reporting, and the treatment of officials involved in corruption, and mandates specialized units within the Authority to handle various aspects of its mission.
AVIATION-
MD Helicopters (MDH) secured a USD 19 mn support contract with the Saudi National Guard, under which it will provide comprehensive support for the Saudi National Guard’s MD530F helicopter training fleet, according to a press release. The contract covers spare parts, repair, overhaul, and in-country technical and logistical support, with one base year and four optional years. MDH will station a field service representative and logistics technician in Saudi Arabia for fleet maintenance and parts management.
