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HOSPITALITY-
PIF-owned developer Diriyah launched Bab Samhan, the first of a 40-hotel luxury collection on the outskirts of Riyadh by Marriott International, according to a press release. Bab Samhan features 134 rooms, and 23 suites. While the company’s investment size was not disclosed, the move comes as part of a USD 62.2 bn giga-project including the launch of 8 hotels across the country by the end of the year.
OIL AND GAS-
Bawan’s subsidiary Petronash Arabia received a purchase order worth SAR 832 mn under an existing long-term contract with Saudi Aramco to supply special gas well products, according to a disclosure to Tadawul. Deliveries are scheduled from October 2025 to August 2026.
M&A WATCH-
Tharwah taps financial advisor for Amjad acquisition: Nomu-listed HR company Tharwah appointed Mekyal Financial Technologies as a financial advisor to oversee its acquisition of a 49% stake in Amjad Watan Exhibitions and Conferences Organization Company, a one-person entity, according to a disclosure to Tadawul. Tharwah debuted on Nomu back in August, taking a 15% stake public in an offering that was 107.9% covered.
REMEMBER- Tharwah signed a binding MoU earlier this month to acquire the stake in Amjad. The six-month agreement gives Tharwah a window to complete due diligence procedures and obtain related regulatory and shareholder approvals before finalizing the acquisition.
DEBT WATCH-
First Fix raises credit cap at Sab by SAR 100 mn: The Fundamental Installation for Electric Work (First Fix), the MEP contracting arm of Red Sea International, raised its credit limit at Saudi Awwal Bank (Sab) by SAR 100 mn to SAR 296.1 mn, according to a disclosure to Tadawul on Thursday. The additional funds will be used to secure letters of credit for imports pertaining to one of the company’s projects, the company said, without identifying the project in question. First Fix previously upped its credit limit at Sab by SAR 65 mn to SAR 196.1 mn in March.
BUSINESS-
Global consulting giant EY launched a new academy offering courses for public and private sector entities to develop their workforce, it said in a press release. The EY Academy will be available in Riyadh, Jeddah and Al Khobar. The programs will focus on economically important sectors like finance, accounting, data and AI.
STARTUP WATCH-
Saudi Venture Capital (SVC) made an undisclosed investment in Raed III, a Raed Ventures-managed fund that targets early-stage tech startups in Saudi Arabia and the UAE, according to a press release. The fund focuses on seed and series A stages, favoring sectors of fintech, enterprise software, and B2B SaaS.
BANKING-
Moody’s Ratings upgraded SNB Capital’s issuer rating to A2 with a stable outlook, according to a press release. The investment bank’s stable financial framework, low credit risk, and resilient performance underpinned Moody’s upgrade. SNB Capital boasts the Kingdom’s largest market share in assets under management, with SAR 248 bn.
What they said: “The standalone assessment reflects SNB Capital’s leading position in its domestic market, its good revenue diversification, notably across asset management and brokerage, as well as its strong profitability margins,” Moody’s said.
INS.-
Gulf Union Al Ahlia Cooperative Ins. can now sell its new auto ins. product for lease, according to a filing to Tadawul.
COURTS-
The Justice Ministry launched medical malpractice judicial panels at the Riyadh General Court, introducing eight first-instance panels, and another two for appeals, all operating under a fully digital model designed to fast-track medical dispute resolutions while minimizing the burden on litigants, according to a ministry statement.
