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DEBT WATCH-
Ataa Educational Co. renewed a Shariah-compliant bank facility worth SAR 510.5 mn with the Saudi Investment Bank, according to a disclosure to Tadawul. The 10-year financing will fund Ataa’s acquisition and construction of educational complexes, while also supporting its working capital.
Al Jouf Cement rescheduled an outstanding SAR 54.7 mn loan balance with the Saudi Industrial Development Fund, it said in a filing to Tadawul. Originally part of a SAR 483.5 mn facility, the new agreement extends the repayment deadline for the balance to Monday, 30 June 2025, with the move coming in a bid to boost the company’s financial position.
Qomel lines up financing for new pharma plant: Qomel Manufacturing received approval from the Saudi Industrial Development Fund for SAR 50.7 mn in financing for the construction of a new pharma manufacturing plant, according to a disclosure to Tadawul from parent company Qomel. The financing will run for 6 years, with another 6-year grace period lined up. Repayments will be made in 14 semi-annual unequal installments beginning in February 2030.
MINING-
Al Masane Al Kobra Mining (AMAK) inked a letter of intent with London-based Power Metal Resources to set up a mining exploration JV, it said in a filing to Tadawul. The partnership looks to study the availability of nickel ore and related mineral deposits at AMAK’s Qatan Exploration License in southwest Saudi Arabia. Under the agreement, AMAK will hold 51% of the JV, while Power Metal Resources will earn the remaining 49% stake by funding exploration activities over the next two years. The agreement looks to leverage Power Metal Resources’ expertise in the evaluation of nickel and other mineral deposits, as well as processing, marketing, and sales, the disclosure said.
REAL ESTATE-
The Saudi arm of Egyptian developer Palm Hills plans to build 15 schools in Saudi Arabia, with an estimated cost of USD 300 mn, Palm Hills Chairman Yasseen Mansour told Al Arabiya Business. Palm Hills had set up its Saudi arm last month.
INS.-
Tree Digital Ins. Agency has rolled out the Kingdom’s first pet ins. scheme, designed to cover everything from vet bills to surgeries, according to a press release. This is the first product of its kind to be licensed by the Ins. Authority.
GAMING-
Homegrown animation and video game developer Manga Productions launched a new mobile game inspired by the hit Saudi anime series Future’s Folktales, in partnership with telecom operator stc, according to a statement from Manga. Named “Adventures of Future’s Folktales,” the game will be available on the AppStore, Google Play, and App Gallery in Arabic, English and Japanese. Manga Productions is a subsidiary of the Mohammed Bin Salman Foundation (Misk).
AVIATION-
Indian budget airline Air India Express launched a new route connecting Thiruvananthapuram to Riyadh on Monday, according to Indian news reports (here and here). The carrier will operate two-way direct flights once a week on Mondays.
Wizz Air will launch budget seven-hour flights from London Gatwick to Jeddah starting 31 March, 2025, Bloomberg quotes CEO Jozsef Varadi as saying at a press conference in London. The flights will cost USD 177 one-way and will not be equipped with amenities such as reclining seats and entertainment. This move comes as Wizz expands its routes from Europe to the Middle East and Asia, with Varadi seeing strong demand from both tourists and religious travelers.
TOURISM-
Neom launched the Smart Gates project at the Neom Bay Airport to streamline the travel experience for passengers under a partnership agreement it signed with the Interior Ministry, the Saudi Data and AI Authority, and the General Directorate of Passports inked on the sidelines of the ongoing Global AI Summit. The AI-powered gates use biometric technology to accelerate entry and exit for travelers and minimize the need for human intervention.
MEDIA-
The Royal Commission for AlUla partnered with the UK’s National Archives to help preserve and document the culture of Al Ula, according to a press release. Areas of cooperation between both entities include training and scientific exchange, archival research, public programming, and digitization. The National Archives is the official archive and publisher for the UK government.
HEALTHCARE-
Riyadh’s Aster Sanad Hospital raised its capacity to 200 beds, after adding a 50-bed facility near the main building, according to an emailed statement (pdf). Aster Sanad is managed by Aster DM Healthcare and includes eight specialties, namely, bariatric surgery, cardiology, gastroenterology, general surgery, neurosurgery, obstetrics, orthopedics, and urology and andrology.
