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LEGISLATION WATCH-
The Commercial Registry and Trade Names laws were published in Umm Al Qura last Friday, according to a statement in the Official Gazette. The fresh laws will take effect 180 days from the date of their publication in the Gazette. Read our full explainer here.
M&A WATCH-
Saudi Industrial Export’s subsidiary considers establishing a fund to acquire stake in Jana: Hadaj Investment Company, a subsidiary of Saudi Industrial Export (SIEC), signed a three-month non-binding agreement to establish an investment fund with FAAD Capital Partners to acquire a stake in Jubail Chemical Industries Company (Jana), a subsidiary of Nama Chemicals, SIEC said in a disclosure to Tadawul.
Background: Hadaj signed an MoU with Nama in July to acquire a stake in Jana. The size and value of the acquisition are yet to be determined.
TRADE + BUSINESS-
The Federation of Saudi Chambers opened its first office in Toronto, state news agency SPA reports. This came during Industry and Mineral Resources Minister Bandar bin Ibrahim Al Khorayef’s visit to Canada where he participated in a roundtable meeting with the Saudi-Canadian Business Council.
Also on the agenda: Al Khorayef met with Ontario’s Lieutenant Governor and Canadian ministers to bolster industrial and mining cooperation. The talks focused on industrial innovation and the development of smart industrial cities in the Kingdom. Additionally, Al-Khorayef met with representatives of several Canadian firms, including Allied Gold Corporation, Kinross Gold, Bank of Montreal, Hatch Limited, Agnico Eagle Mines, Magna International, and McCain Foods to probe potential investments in the mining, automotive, and food sectors.
CONSTRUCTION-
#1- Retal + subsidiary to develop 442 residential units in Jeddah: Real estate developer Retal Urban Development inked a SAR 224.4 mn, 30-month agreement with its subsidiary Building Construction Company to build 442 residential units in south Jeddah, it said in a disclosure to Tadawul.
The developer has been on a roll: Retal Urban Development signed a SAR 142.4 mn agreement with the same subsidiary earlier this month to build 263 residential units in Riyadh. In addition, it signed two agreements last week, worth SAR 792 mn with the PIF-owned Roshn Group to purchase land plots in Riyadh’s Sedra neighborhood for the development of 644 residential units and related infrastructure with completion scheduled for 2027.
HOSPITALITY-
Knowledge Economic City subsidiary to manage two Radisson hotels: Al Gharaa International Real Estate Development, a Knowledge Economy City majority-owned subsidiary, inked a 15-year hotel management contract that will see Radisson Hospitality manage and operate two of Al Gharaa’s Park Inn hotels in the first phase of the Islamic World District Project, according to a disclosure to Tadawul. One of the hotels features 611 rooms, while the other features 146 serviced apartments. Radisson charges a percentage of both revenue and gross operating income for the hotels it manages and operates.
MANUFACTURING-
US-based software and engineering firm Emerson inaugurated a 13k sqm manufacturing facility at King Salman Energy Park in Eastern Saudi Arabia, it said in a statement. Some of the production will be earmarked for regional exports. No further information was disclosed. The potential facility is set to manufacture mission-critical control and safety systems, measurement instrumentation, control valves, isolation valves, pressure relief valves, solenoid valves and industrial lighting assemblies.
TELECOM-
Stc partners with Qatar’s Ooredoo to boost ICT infrastructure in the region: Tadawul-listed telecom operator stc Group inked an MoU with Qatar’s Ooredoo to collaborate on expanding digital services and connectivity across the MENA region and boost the ICT digital ecosystem, stc said in a LinkedIn post. No further details on the partnership were disclosed.
SHIPPING + MARITIME-
Mawani has launched the FEM1 shipping service at Jeddah Islamic Port in collaboration with C Star and United Global Logistics (UGL), according to a press release. The service has a 2.8k standard container capacity and links Jeddah to the ports Qingdao, Shanghai, Ningbo, and Nansha in China, Kelang in Malaysia, and Istanbul in Turkey. The expansion is the 21st new route to be added to the Kingdom’s ports in 2024 according to a Mawani post on X, and comes in a bid to boost competitiveness and enhance connectivity at the port, while boosting national exports and imports.
FINANCIAL SERVICES-
Amana Cooperative Ins. will now be able to offer medical malpractice ins. products, after receiving approval from the Ins. Authority, it said in a filing to Tadawul.
AGRICULTURE-
The Middle East’s first operational license for a commercial aeroponics project issued in Saudi Arabia: The Environment, Water, and Agriculture Ministry issued the first operational license for a commercial aeroponics project in the Middle East to a consortium of Saudi Tamimi Markets, Japanese Mitsui Group, and Italian Zero Group, according to a ministry statement. The project’s first phase has been completed, establishing an aeroponics farm for various vegetables. The project seeks to reduce water usage by 95% and enable all-year-round production.
ENTERTAINMENT-
A training program for Saudi filmmakers coming to town: The Korean Film Council and Neom’s screen production hub are gearing up to launch a training initiative for Saudi filmmakers in December, Variety reports. The initiative will see the Korean Academy of Film Arts send experienced Korean filmmakers to mentor emerging Saudi talents, giving them hands-on training in film production.
