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STARTUP WATCH-
Aramco’s VC arm Wa’ed Ventures led a USD 5 mn investment in homegrown edtech startup Ynmo, with other investors including Qatar Development Bank (QDB) and Nour Nouf Ventures, according to a press release. The funding will help Ynmo grow its service offerings and introduce new features to improve its educational and rehabilitative support for children with disabilities.
About Ynmo: Founded in 2017, the edtech company uses technology to develop tailored educational and rehabilitation programs. Its AI-backed platform connects specialists and families, offering advanced therapy solutions in behavioral, speech, and psychological support.
DEBT WATCH-
#1- Saudi Pharma Industries and Medical Appliances (SPIMACO) secured a SAR 220 mn shariah-compliant credit facility from Alinma Bank, according to a disclosure to Tadawul. The agreement includes a one-year, SAR 20 mn short-term facility and a five-year, SAR 200 mn medium-term facility. The facilities, guaranteed by a promissory note, will finance SPIMACO’s working capital needs.
#2- Bank Aljazira is mulling an Additional Tier 1 Sukuk issuance via private placement under its SAR 5 bn Sukuk Issuance Program, according to a disclosure to Tadawul. The proceeds of the issuance — the size of which was not disclosed— will go to supporting the bank’s capital base and strategic objectives. The issuance will be priced and structured based on market conditions. Aljazira Capital, Al Rajhi Capital, and HSBC Saudi Arabia have been appointed as joint lead managers and dealers.
TRANSPORT-
Uber rolled out its RPT link service in Riyadh, with the aim of streamlining access to public transport stations with digital, first-mile and last-mile solutions, Saudi Projects said. The service offers users up to two rides per day at not cost to and from Riyadh train stations, complemented by dedicated route buses.
