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MANUFACTURING-
Naqi Water secures a production line for its new Jazan factory: Bottled water company Naqi Water signed a SAR 20.1 mn contract with the Middle East Factory for Machines (MECO) to procure a production line for its new factory in Jazan, according to a disclosure to Tadawul. The line — whose annual production capacity is 350 mn bottles — will be self-funded by Naqi.
REMEMBER- Naqi signed a 20-year land lease contract in May to build its factory in Jazan Industrial City.
AVIATION-
Privately-owned Bangladeshi carrier US-Bangla Airlines will operate a daily flight between Dhaka and Jeddah starting today, after receiving the go-ahead from the Saudi General Authority of Civil Aviation, state news agency SPA reports.
PHARMA-
Spimaco to locally manufacture + distribute drug for macular degeneration: Saudi Pharma Industries (Spimaco) will locally manufacture and distribute ALT-L9 — a drug used for treating wet age-related macular degeneration, an eye disorder that can cause blurred vision — under a 10-year agreement with South Korean biopharma company Altos Biologics, according to a disclosure to Tadawul. The agreement gives Spimaco exclusive distributor rights.
The contract was valued at 2.51% of Spimaco’s revenues in 2023, which is around SAR 41.5k, based on our math.
IN CONTEXT- Altos Biologics, the eye disease-focused subsidiary of Alteogen, filed a marketing authorization application to the European Medicines Agency for the Alteogen-developed ALT-L9 last month.
DEBT WATCH-
Qomel renews credit facility with SNB: Tadawul-listed pharma player Qomel has renewed a Shariah-compliant credit facility worth SAR 67.6 mn with Saudi National Bank (SNB), it said in a disclosure to Tadawul. The new facility will run for one year, read the disclosure.
