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PHARMA-
Saudi Exports + Al Nahdi to promote KSA products: The Saudi Export Development Authority (Saudi Exports) has signed an MoU with Al Nahdi Medical company to support Saudi products and boost their presence on Al Nahdi pharmacy shelves, their Made in Saudi program and network in the local pharma retail sector, SPA reported last week. The products hosted on the shelves will be locally manufactured health and medical supplies.
CAPITAL MARKETS-
UAE-based Arqaam Capital received approval from the Capital Market Authority to launch its investment banking services in the Kingdom, according to a press release (pdf). The firm’s research platform already covers 85% of the market capitalization of companies listed on Tadawul. Arqaam Capital provides financial services to institutional investors across the UAE, Saudi Arabia, Egypt, and Lebanon.
DEBT WATCH-
Middle East Specialized Cables Company signed a SAR 100 mn Shariah-compliant loan agreement with Alinma Bank, it said in a disclosure to Tadawul. The one-year facility will be used to fund the company’s working capital and obtain bank guarantees.
FINTECH-
Dubai’s Pluto expands to Saudi Arabia: Dubai-based Pluto will expand into Saudi Arabia through a strategic partnership with Saudi fintech neoleap, according to a press release. The partnership will integrate Pluto’s corporate card and AI-powered expense management tools with neolap’s digital payment solutions, providing Saudi businesses with automated financial management for tasks like reimbursements, procurement, and accounts payable. The collaboration targets both SMEs and large corporations in Saudi Arabia.
DIGITIZATION-
South Korea’s Naver plans to establish a new unit in the Kingdom this year as part of its global expansion strategy, according to Yonhap News Agency. The Naver Arabia unit will oversee business projects, including creating digital twin platforms for five Saudi cities and developing an Arabic-based model. The company also aims to form JV’s with local partners. No investment ticket was disclosed.
ELECTRIC VEHICLES-
Volt Charge to boost Saudi Arabia’s EV infrastructure with mobile chargers: Volt Charge, a Saudi-based EV charger manufacturer, is finalizing a prototype for next-generation mobile EV chargers, Arab News reported on Thursday. The mobile chargers, developed in collaboration with QSS AI & Robotics, will allow users to order chargers via an app, merging AI and robotics. The prototype was showcased at the EV Auto Show in Riyadh.
REAL ESTATE-
Dar Global, the Dubai-based international arm of Saudi real estate developer Dar Al Arkan, plans to launch its first Saudi project in Riyadh in partnership with jewelry maker Mouawad, Gulf News reports. The all-villa development will kick off sales next month, with prices starting at SAR 4 mn a unit.
BACKGROUND- The developer was reported in June to be in the market for a plot of land in Saudi Arabia and has also tapped Rothschild & Co to probe potential expansion in the Kingdom. Dar Global is currently developing two Trump Towers, one in Jeddah and another in Dubai.
US-based developer Flow is collaborating with Saudi investors to launch three apartment buildings in Riyadh, with the first one already open and expected to be completed by the end of this year, Bloomberg reports, citing people it says are in the know. The other two are expected to open by 1Q 2025. The buildings will house a total of 920 furnished and unfurnished units.
