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M&A WATCH-
#1- Avilog to acquire 49% of Sats Saudi Arabia to boost air cargo capabilities: Avilog Logistics Services, an investment vehicle owned by Albawardi Holding Group and Abdulkadir Al Muhaidib and Sons, agreed to purchase a 49% stake in the Saudi arm of Singapore-based logistics firm Sats, according to a press release.
The potential transaction is set to support Sats Saudi Arabia’s expansion plans, including the establishment of a new cargo facility in Jeddah and the implementation of multi-modal operations across the Kingdom. The company currently operates in Dammam, Riyadh, and Jeddah, serving 27 airline customers.
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#2- Homegrown Zamil Group acquires half of Wolffkran’s Saudi business: Local investment conglomerate Zamil Group acquired a 50% stake in Wolffkran for Equipment, the Saudi crane rental and service arm of German Wolffkran that launched in Riyadh at the end of 2023, according to media reports (here and here). No details were provided on the transaction value. The joint venture will work on building Saudi Arabia’s first tower crane manufacturing facility.
REMEMBER- The partnership builds on a previous agreement signed in February in which the two companies agreed to establish a tower crane production facility with a target output of 150 luffing jib and trolley cranes annually for the Mena region. Both companies also agreed on building a rental fleet of around 300 tower cranes in the Kingdom under their joint venture.
#3- Naif Al Rajhi Investment acquired a strategic stake in Jordanian AI and large language models firm Mawdoo3, according to a LinkedIn statement from Mawdoo3. Mawdoo3 will use the funding to plan its global expansion out of Saudi Arabia, scale up its offerings, and accelerate regional digital transformation. The size and value of the acquired stake were not disclosed.
#4- Sadirat eyes stake in Entaj Industrial Services’ subsidiary: Saudi Industrial Export Company (Sadirat) inked a six-month non-binding MoU with Entaj Industrial Services to consider a potential full or partial acquisition of the latter’s subsidiary Advanced Energy Trading and Contracting, according to a disclosure to Tadawul. The proposed acquisition is subject to due diligence, which will be followed by negotiating a final agreement. No financial advisors have been tapped yet.
MANUFACTURING-
Americana subsidiary the Agricultural Growth and Processing Company is investing SAR 375 mn in a new frozen French fries plant in Riyadh with Farm Frites, according to a statement. Set to open in 1Q 2026, the 100k sqm facility in Sudair Industrial City will have an initial capacity of 70k tons annually, with future expansion plans.
DEBT WATCH-
Saudi Awwal Bank (SAB) kicked off its SAR-denominated Additional Tier 1 Sukuk issuance, comprising both fixed-rate and floating-rate tranches, according to a statement to Tadawul. The offering, aimed at institutional and qualified investors, has a minimum subscription of SAR 1 mn and is expected to run until 5 December, depending on market conditions. The sukuk are perpetual, with no fixed redemption date, though early redemption is possible under specific conditions. The offer will be priced and structured based on market conditions.
Background: SAB said it was mulling the issuance earlier this week, via private placement under its SAR 20 bn issuance program. The proceeds will go to supporting SAB’s capital base and long-term strategic objectives. HSBC Saudi Arabia was tapped as the lead manager for the issuance.
CAPITAL MARKETS-
#1- Tadawul cleared Merril Lynch KSA to conduct market making activities on United Cooperative Assurance in the main market and Saudi Top in the Nomu parallel market, it said in a statement.
#2- The Capital Market Authority (CMA) greenlit the public offering of two funds, including Kamco Investment’s Kamco SAR Murabha Fund, as well as its Kamco Freestyle Saudi Equity Fund (Shariah), it said in two separate statements (here and here).
#3- Dubai-based Amanat Holdings tapped SNB Capital to run its IPO of a 30% stake in its education unit in Riyadh in 1H 2025, Reuters reports, citing two sources familiar with the matter. The IPO could raise some USD 300 mn.
We knew this was coming: The company said in May that it plans to carve out its education platform into its own holding company and tap advisors to list it on a GCC stock exchange, without identifying where it would list it or the size or value of the potential stake sale. Amanat had also reportedly tapped EFG Hermes and First Abu Dhabi Bank for a listing of its healthcare unit as soon as this year that could potentially raise some USD 200 mn.
AVIATION-
Transavia France is adding two Jeddah flights: Budget airline Transavia France will launch two weekly flights connecting Lyon and Paris to Jeddah starting 12 December, the General Authority of Civil Aviation said in a post on X.
