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DISPUTE WATCH-
Al Fakhera Men’s Tailoring CEO Sulaiman bin Hamad Al Yahya is currently facing four lawsuits, the company disclosed in its prospectus (pdf) ِfor its upcoming IPO on Tadawul’s parallel market Nomu next week.
The breakdown: One case filed in Riyadh’s Commercial Court against him seeks to claim 58% of his ownership in the company, which could lead to changes in the company’s board, management, and ownership structure. There are also three other lawsuits against him that could lead to a SAR 365k financial impact on the company.
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MINING-
Saudi Gold Refinery secured multiple agreements with Chinese mining firms at China’s Tianjin Mining Conference, according to a press release. Saudi Gold Refinery sealed a technical feasibility study and an EPC contract with Zenith Minerals Company to expedite gold production in the Kingdom from the time of its discovery by up to 70%.
What else? Saudi Gold Refinery also signed an agreement with Sandioss New Materials to introduce eco-friendly chemical reagents to the Saudi gold refining industry, as well as a framework agreement with CNNC – Geological Science and Technology Company to establish exploration and education centers in Saudi Arabia to attract local talent. The company inked a pre-feasibility contract with the Beijing Research Institute of Geology (BRIUG) to implement the latest geological research to accelerate mineral exploration in the Kingdom’s Gunthar region. No timeline or investment tickets were disclosed for the agreements.
MEDIA-
TikTok to train local journalists on using the app: TikTok and the Saudi Research and Media Group Academy are partnering to train local journalists, especially tech journalists, on how to effectively use the app to reach wider audiences, TikTok CEO Xu Ziqiu said in a panel discussion at the FII conference (watch, runtime: 0:21).
DECARBONIZATION-
King Abdulaziz Port in Dammam now boasts the largest fleet of electric trucks in the Middle East, after receiving 80 electric trucks under SAR 7 bn agreements between the Saudi Ports Authority (Mawani) and Saudi Global Ports (SGP), according to a statement from Mawani. SGP procured the trucks from the Chinese heavy equipment manufacturer Sany under a contract they signed in June.
REAL ESTATE-
PIF real estate arm Roshn plans to tap international banks to finance its local projects, PR Manager Alex Maalof told Aleqtisadiah at the FII Forum in Riyadh. The company plans to diversify its financing portfolio after securing SAR 9 bn earlier this month.
RETAIL-
Cenomi Centers is adding 10 new retail brands to the U Walk Mall in Riyadh, according to a press release. The brands are Nike, Nespresso, Adidas, Dry Bar, Massimo Dutti, Pull&Bear, Under Armour, Al Nassr Club, Lenskart, and Jack Morgan.
ALSO- Cenomi is awaiting approval for a new multi-story car park, which will increase U Walk’s total parking capacity to 2k vehicles, the release read.
ICYMI- Al Nassr opened its flagship store at U Walk Riyadh in partnership with Cenomi Centers earlier this week. The store sells official club merchandise and features a cafe.
