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HEALTHCARE-
Healthcare group Al Hammadi Holding purchased a land plot in Riyadh’s Al Mansiyah district for SAR 171.4 mn to build a hospital, it said in a disclosure to Tadawul. The land was bought from real estate investor Hamad Mohammed bin Saedan & Partner.
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LOCALIZATION-
Riyadh-based investment platform Ewpartners committed USD 50 mn to support Leshines in localizing its manufacturing footprint here at home, according to a press release. The Beijing-born company is the supply chain arm of multinational tech heavyweight Lenovo.
Leshines is exploring a move into the KSA-Sino Logistics Special Economic Zone at King Salman International Airport, a hub designed to streamline logistics and facilitate regional distribution. This zone — which is managed by Ewpartners — and targets over 3k wholesalers, 200 manufacturers from China and Asia, and an initial investment of USD 2 bn, enabling Leshines and other companies to produce locally for global markets.
AVIATION-
Flynas adds two new routes to Africa: Saudi budget airline Flynas plans to launch two new routes connecting the Kingdom to Uganda and Djibouti starting 8 January, 2025, according to a LinkedIn post. The airline will operate three weekly flights between Riyadh and Entebbe in Uganda, and three others between Jeddah and Djibouti’s capital.
STARTUP WATCH-
Arzan VC and VCpreneur Ahmad Takatkah (Linkedin) are setting up revenue-based financing firm Revenya Capital, aimed at supporting tech startups in the MENA region, according to a press release (pdf). Backed by a USD 2 mn seed investment and additional credit from Arzan Financial Group’s network, Revenya Capital will offer short-term financing to startups’ marketing, inventory, and event expenses. The firm will target high-growth startups with predictable revenues, offering loans ranging from USD 50k–500k, repayable over 3-9 months with a fixed monthly fee.
LOGISTICS-
Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) added MSC’s Türkiye Red Sea Express service to Jeddah Islamic Port, it said in a statement. The new service, which has a 6k standard container capacity, will link the Jeddah port to the local King Abdullah Port in Rabigh, as well as ports of Tekirdağ, Aliağa, Mersin, and İskenderun in Turkey, and Aqaba in Jordan.
ENERGY-
Arabian Drilling deployed 10 unconventional land rigs over the past six months, part of a contract that was awarded in 3Q 2023, it said in a statement (pdf). Three additional rigs that were awarded in 1Q 2024 will also be installed by the end of the year, ahead of schedule. The five-year contracts add SAR 3.9 bn to the company’s backlog.
ENTERTAINMENT-
A new local film studio is live and rolling in Riyadh: The Saudi General Entertainment Authority launched one of the largest film and TV production studios in the Middle East, AlHisn Big Time Studios, according to state news agency SPA. The studio complex features seven buildings spanning 10.5k sqm within a 300k sqm production site. It includes carpentry, blacksmithing, and costume workshops, as well as VIP suites, production offices, and editing rooms.
