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FINANCIAL SERVICES-
#1- SEDCO Capital has launched a new IPO fund, aimed at achieving medium to long-term capital growth by investing in IPOs and rights issues on the Saudi stock market, according to a press release. This open-ended fund will build a diverse portfolio of newly listed companies and has the option to invest in Shariah-compliant REITs, sukuk, and money-market instruments.
The fund is available for public investment with a minimum subscription of SAR 5k at an initial unit price of SAR 10. It will be benchmarked against the SEDCO Capital Total Return IPO Index and valued daily. The annual management fee is 1.75% of the fund’s net asset value.
#2- Buruj has tapped Alinma Investment as its financial advisor for the proposed merger with MedGulf, it said in a filing to Tadawul. The two companies inked a non-binding MoU late last month to explore a merger through a share-swap agreement where MedGulf’s capital would be upped to allow for the issuance of new shares to the shareholders of Buruj.
M&A WATCH-
Saudi Agricultural and Livestock Investment Company (Salic) is set to offload its entire 40% stake in Saudi Fisheries Company to Abdulaziz bin Abdullah Al-Humaid in a potential SAR 122.4 mn transaction, according to a disclosure to Tadawul. The transaction is pending regulatory approvals and will entail changes to SALIC’s shareholding structure. Al Humaid is the chairman of Raouum Trading and Al Gassim Investment Holding, and a board member of Al Qassim Agricultural Development.
MANUFACTURING-
Middle East Paper is set to launch a SAR 345 mn tissue paper production line, which will add 60k tons annually to the company’s production output at its factory in King Abdullah Economic City (KAEC), the paper manufacturer said in a press release (pdf). The project is set to take two years to complete, with commercial operations slated for 4Q 2026. The expansion will be financed by funds from government financial institutions, bank loans, and proceeds from a recent investment by PIF, the statement said.
EDUCATION-
Ataa-operated Buckswood British School to open its doors to students this academic year: Sussex-based Buckswood British School has opened a Riyadh branch (Buckswood Riyadh) that is opening starting this academic year, the school’s local operator Ataa Educational Company said in a filing to Tadawul. The K-12 school is located in Al Izdihar district and will offer the IGCSE and IB Diploma programs, catering to students from kindergarten through high school, and is open for both boys and girls.
Background: Ataa and Buckswood Global Education launched a SAR 100k company to manage the Buckswood School in the Saudi capital under a partnership agreement they signed earlier this month. Ataa owns an 80% stake in the company, while Buckswood holds the balance.
AVIATION-
National carrier Saudia claimed the global leader title in on-time performance for the second consecutive month in July, according to data by aviation analytics company Cirium (pdf). The airline achieved an on-time arrival rate of 88.15% and an on-time departure rate of 88.12%, with the highest completion factor of 99.8%, operating 16.5k international flights last month. On time is defined as arriving / departing within 15 minutes of the scheduled time.
Regional flights: Saudia ranked third in the part of the report that tracks performance of regional flights in the Middle East and Africa, while South Africa-based Safair came first, followed by Royal Jordanian.
CONSTRUCTION-
#1- Riyadh Development and Riyadh Holding agreed to establish a new joint-stock company to develop the Deira area in Riyadh, according to a disclosure to Tadawul. Riyadh Development will hold a 46% stake in the new company through making an in-kind contribution to the SAR 675 mn Al Tameer wholesale commercial center.
#2- Real estate developer Red Sea International has landed a SAR 658 mn contract to build a staff camp for the Trojena Dam project at Neom, according to a disclosure to Tadawul. The project will be completed in two phases over a one year period.
TECHNOLOGY-
Tawakkalna app has been named the leading government platform in the Saudi Data & AI Authority’s Digital Experience Maturity Index for 2024, scored against 39 other digital platforms, according to state news agency (SPA). The index surveyed 175k users to assess their satisfaction with the government’s digital platforms.
Super app: Tawakkalna (App Store | Google Play) serves 32 mn users, offering more than 315 services in the pharma, education, healthcare, fintech, ticket booking, charity, government sectors, among others.
DEVELOPMENT FINANCE-
The Islamic Development Bank has committed USD 135 mn in financing for the Upper Atbara Dam Complex project in eastern Sudan, it said in an X post. This initiative is part of a broader USD 1.5 bn hydropower project designed to improve water and energy infrastructure. The project will mobilize 3.6 mn cubic meters of water and generate 320 MW of renewable energy at the Romela power station. It also aims to provide clean drinking water to the Al Gadaref region.
MARITIME-
Saudi Arabia transferred the command of a multinational naval task force focused on maritime security in the Arabian Gulf to the Kuwait Naval Force yesterday, according to a statement by the US Naval Forces Central Command (Navcent). Established in 2004, CTF-152 is a task force under a 45-nation naval coalition, “promoting security, stability and prosperity across approximately 3.2 mn square miles of international waters, encompassing some of the world’s most important shipping lanes.”
