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INFRASTRUCTURE-
#1- India-based firm lands a USD 317 mn desalination contract: VA Tech Wabag was awarded a USD 317 mn contract by the Saudi Water Authority to build a new desalination plant in Yanbu under an EPCC contract, Webag said in a disclosure to the Indian Exchange (pdf). The plant will have a capacity of 300 mn liters of fresh water per day and is scheduled to be completed within a 30-month period.
#2- India-based infrastructure construction firm KEC International will install 380 KV transmission lines across the Kingdom, after landing a SAR 64 mn (INR 14.23 bn) contract, according to a filing to the Indian Stock Exchange (pdf).
AUTOMOTIVE-
#1- India-based EV maker Wardwizard Innovations and Mobility is set to build an electric vehicle assembly plant and an EV cell plant in the Kingdom under a new joint venture with an unnamed local player, Reuters reported. The assembly plant will manufacture two-wheelers, three-wheelers, and four-wheelers, with plans to add electric buses at a later stage. The value of the potential JV and the timeline for the projects were not disclosed.
#2- Food delivery outfit Jahez Group added 30 EVs to its fleet, it said in a post on X. The vehicles can travel 200 km on a single charge.
M&A WATCH-
#1- Al Khaleej Training and Education’s potential acquisition of Adhwaa Al Hedeya Schools got the greenlight from the General Authority for Competition, according to a disclosure to Tadawul. Al Khaleej Training entered a sale and purchase agreement to acquire 80% of Adhwaa Al Hedeya through a share swap. Al Khaleej will boost its capital by 34.9% in order to give the selling shareholder, Ethraa Holding, a 25.8% stake in Al Khaleej.
#2- Commercial Growth Development plans to divest its 5.6% stake in Tadawul-listed BinDawood Holding, according to a document seen by Bloomberg. Goldman Sachs Saudi Arabia and SNB Capital are reportedly managing the sale.
INVESTMENT WATCH-
The Investment Ministry and the General Authority for Military Industries signed an MoU with Italy’s ELT Group that will see them mull potential investments in the domestic military sector, state news agency SPA reported.
MINING-
Saudi-based credit rating agency Simah Rating Agency (better known as Tassnief) maintained its long-term (A-) and short-term (T-3) ratings for Alkhorayef for Water and Power Technologies Company, according to a press release. The rating action reflects the water infrastructure company’s “strong governance framework, experienced management team, robust internal controls, and a healthy & improving financial risk profile.”
FINTECH-
Fintech startup Barq will add Mastercard Gateway to its payment solutions under a freshly inked agreement, according to a press release.
