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INVESTMENT WATCH-
Gov’t opens the door for investments in Riyadh region’s national parks: The National Center for Vegetation Cover Development and Combating Desertification is now receiving seasonal investment bids for developments in national parks across the Riyadh Region, it said in a post on X. The center is looking for investments in camping, caravans, restaurants and cafes, temporary sports clubs, and paragliding. Parks included in the initiative are Thadiq, Saad, Jabala, Al Ghat, and Aba Samri.
FINANCE-
#1- New financing player for hotels + SMEs: Hotel and hospitality SME funding player Avana and Oaktree Capital are launching a new fintech startup, Ezdaher, to provide “Shariah-compliant B2B funding for hotel projects” in the Kingdom, according to a press release. The first phase of Ezdaher’s launch will see the new fintech player disbursing SAR 22 mn “to directly fund the hospitality and SME sectors,” the statement reads. Avana and Oaktree had set up a USD 250 mn joint venture earlier last month as a precursor to Ezdehar’s launch.
#2- Fresh mortgage finance program: The Real Estate Development Fund has partnered with Bank Albilad to implement a new financing solution for under-construction housing units, SPA reports. This solution allows beneficiaries to pay monthly installments equivalent to their housing support or up to SAR 400 until the unit is handed over, with a maximum period of three years. Beneficiaries are also eligible for non-refundable support of up to SAR 150k and the fund will cover real estate transaction taxes on first homes, up to SAR 1 mn of the unit’s value.
TECHNOLOGY-
IT solutions firm Al Moammar Information Systems was awarded a SAR 105 mn maintenance contract by the Royal Commission for Jubail and Yanbu to upgrade the latter’s digital infrastructure, according to a disclosure to Tadawul. The final contract will be signed on 3 November.
REGULATION WATCH-
Allocating state properties to nonprofits: The State Properties General Authority approved fresh regulations for allocating state properties to nonprofits, it said in a post on X. This aims to better regulate the allocations, boost the capabilities of the nonprofit sector, and optimize the use of state-owned properties. Cabinet had signed off on the move in May.
MINING-
The Royal Commission for Jubail and Yanbu and Ma’aden have signed a three-year agreement to support investors through the Ma’aden’s Tharwah local content program, Mubasher reports. The Commission will allocate land and buildings for industrial projects and promote investment opportunities, while Ma’aden will encourage investments in mining and related industries, assist with feasibility studies, and help localize industrial services within the Commission’s cities.
