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HOSPITALITY-
Mövenpick Hotels and Resorts opened a new flagship hotel in Wa’ad Al Shamal, the first five-star hotel in the Northern Province, its parent company Accor said in a press release. Mövenpick Wa’ad Al Shamal features 245 rooms, including two presidential suites, and 18 meeting rooms. Saudi citizens make up over 55% of the hotel’s staff. No further information was disclosed.
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STARTUP WATCH-
Dutch recycling startup Excess Materials Exchange (EME) raised USD 5 mn in a Series A round led by Saudi Aramco-backed VC fund Wa’ed Ventures, according to a statement. Information on the use of the proceeds, whether the investment is equity or debt based, or the identity of other investors partaking in the round was not disclosed.
The pitch: Established in 2017 by CEO Christian van Maaren (LinkedIn), EME is a B2B platform that serves as a marketplace for the reuse of excess materials. The startup leverages AI and blockchain technology to match buyers and sellers across different sectors and industries.
MANUFACTURING-
Nomu-listed fragrance manufacturer Intelligent Oud’s (iOud) will launch a new production line for cleaning and household consumer products as the company seeks to expand its product portfolio, according to a disclosure to Tadawul. The new line will be up and running in 1Q 2025, with an annual production capacity of 2.1k tons. The company estimates that the new line will boost revenues by SAR 8 mn next year.
FINTECH-
#1- Flyadeal customers can now book their flights using American Express Saudi Arabia Cards under a fresh agreement between the budget airline and the payment service, according to a press release. Personal, business, and corporate cards will be accepted by Flyadeal.
#2- Non-banking financial institutions (NBFIs) will have easier access to digital financial solutions under a new partnership between Mastercard and Riyad Bank’s tech arm Jeel, according to a press release. The partnership aims to facilitate NBFIs’ ability to roll out their own cards and launch fintech services.
RETAIL-
Black & Decker appliances are coming to the Kingdom: Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) is now the official distributor of Black & Decker appliances in the Kingdom, following an agreement it signed with the US firm, according to a press release. Details on the investment ticket were not disclosed.
