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RETAIL-
Ikea is coming to Jazan and Abha: Ikea Alsulaiman — Alsulaiman Group’s (ASG) franchise for Ikea stores in Saudi — will add two new locations in Jazan and Abha, it said in a post on LinkedIn. ASG plans to open 21 new Ikea branches by 2029, bringing the total number of outlets here to 30 from nine today, company officials said earlier this year.
ICYMI- The retail, logistics and real estate player is also pushing for more Circle K stores, recently snapping up a majority stake in fuel services company Mazaya Fuel, which has upwards of 130 fuel stations across the Kingdom.
REAL ESTATE-
Ajdan Real Estate Development and Aljazira Capital signed a SAR 2 bn agreement to launch the Aljazira Ajdan Real Estate Fund, as well as build mixed-use towers in Riyadh, according to a press release. The towers will be located on a 21k sqm site in the Al Rahmaniyah district and will feature luxury residential units, workspaces, cafes, restaurants, and entertainment spaces.
M&A WATCH-
Buruj Cooperative Ins. appointed Baker & McKenzie as its legal advisor for its potential merger with Medgulf, it said in a disclosure to Tadawul. Buruj and Mediterranean and Gulf Ins. and Reins. (Medgulf) had signed a non-binding MoU in July to evaluate a potential merger through a share swap, where Medgulf’s capital would be upped to allow for the issuance of new shares to the shareholders of Buruj. Buruj also tapped Alinma Investment as its financial advisor in August.
TRANSPORT-
Egyptian mobility solutions provider Swvl secured USD 2.6 mn in contracts in Saudi for 3Q 2024, according to a press release. The expansion makes Saudi the company’s fastest-growing market. The new contracts will see Swvl roll out its services across Riyadh, Dammam, Madina, and Jubail, with a focus on the education sector while also serving other industries such as food and beverage, healthcare, construction, and facility management.
ENTERTAINMENT-
The first DreamPlay family entertainment center in the Middle East is set to open in The Avenues, Riyadh in 4Q 2026, as part of a partnership between DreamWorks Animation, Universal Live Entertainment, and Kuwait’s Alshaya Group, according to a press release. The new center will feature interactive play and creativity inspired by DreamWorks characters.
INFRASTRUCTURE-
Alkhorayef Water and Power Technologies landed a SAR 220 mn project with the National Water Company (NWC) to add 125k cubic meters per day in capacity to NWC’s Tertiary Treatment Plant in Dammam, and carry out rehabilitation works for another existing plant, it said in a disclosure to Tadawul. No details on the timeline of the project were provided.
DISPUTE WATCH-
Derayah Financial is taking Smart Tower’s master tenant to court: Derayah Financial — the fund manager of Derayah Reit — has initiated legal action against the master tenant of Smart Tower to recover SAR 40 mn in overdue rent, it said in a disclosure to Tadawul. The outcome of the case will determine its impact on the fund, it added.
MINING-
Aramco is partnering with Lihytech, a KAUST-backed startup, to develop direct lithium extraction technology using brine from the oil giant’s oilfields, according to a press release. The move is set to support the Kingdom’s growing demand for lithium which is an essential component for producing EV batteries. The project is currently in its pilot phase.
TOURISM-
The Public Investment Fund has launched a new company, Qsas, to create interactive exhibitions inspired by Saudi heritage and Islamic history for pilgrims and tourists visiting the Kingdom, according to a statement, Qsas plans to start with local exhibitions and then expand globally.
