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M&A WATCH-
Nahdi Holding, a substantial shareholder in Nahdi Medical, is acquiring an additional 3.1% stake (4 mn shares) in Nahdi Medical from Sedco Holding, another majority shareholder, according to a filing to Tadawul. The transaction saw wholly-owned Sedco subsidiary Second Development Investment sell down its position in Nahdi Medical for SAR 500 mn.
TECH-
Stc Group plans to launch an AI lab in partnership with the Research, Development, and Innovation Authority (RDIA) under a new agreement, RDIA said in a post on LinkedIn. The lab aims to help accelerate the launch of AI products and services to the market.
ALSO FROM STC- PIF-owned New Murabba will leverage the telecom giant’s digital solutions for the USD 50 bn downtown ’s communications and information technology infrastructure under a partnership agreement signed between them, Stc said in a statement.
Aramco taps Cerebras to use its AI systems: Aramco signed an MoU with US-based AI hardware developer Cerebras Systems to use its CS-3 systems to build and deploy large language models (LLMs), according to a press release. Aramco plans to use these AI systems to enhance local industries, enterprises, and universities. The investment ticket was not disclosed.
SDAI + OECD partner to track AI incidents in Arabic: The Saudi Data and AI Authority (Sdaia) has signed an MoU with the Organization for Economic Co-operation and Development (Oecd) to integrate its AI Incidents Monitor (AIM), to track AI data in Arabic, according to a press release. The partnership will help improve AI monitoring by working with local entities to add regional data to OECD’s existing database and improve how AI developments are monitored in the Middle East.
The Environment, Water and Agriculture Ministry launched the Namaa AI service which will act as the ministry’s communication channel to solve complaints and support farmers in identifying and treating agricultural pests, the ministry said in a post on X.
FINTECH-
Investment platform Ajdar Fintech received the go-ahead to experiment with offering and investing in debt instruments as part of a fintech license, according to a Capital Market Authority statement.
CONSTRUCTION-
Madinah set to get two new shopping malls: The Madinah Regional Municipality approved the construction of two shopping malls, one in Al Sekka Al Hadid and the other in Al Fath, state news agency SPA reported. The value of the projects was not disclosed.
