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CAPITAL MARKETS-
SNB Capital opened subscription for its newest fund, SNB Capital Saudi Nomu Market Fund, giving retail investors access to equities on parallel market Nomu without the need to meet the Qualified Investor criteria, according to a press release (pdf). The initial offering subscription is available through the SNB Capital app, with a minimum subscription of SAR 5k.
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MANUFACTURING –
Al Watania Poultry opened a 17.7k kW cooling plant, the largest in the Middle East, according to a press release. The new plant will primarily serve an automated slaughterhouse that processes 36k birds per hour, in addition to providing cooling solutions to the latter’s warehouses, according to a press release. Al Watania tapped GEA to construct the facility’s machinery.
LOGISTICS-
Emirates Shipping Line brings EGRC service to Jeddah Port: Dubai-based container liner company Emirates Shipping Line (ESL) added new shipping routes to Jeddah Islamic Port, connecting it to Jebel Ali in the UAE, Aqaba in Jordan, and Ain Sokhna in Egypt, with a handling capacity of some 2.6k standard containers, the Saudi Ports Authority (Mawani) said in a statement. The ESL Gulf Red Sea Connector service would support regional market needs, facilitate trade, and strengthen the Kingdom’s position as a global logistics hub, according to Mawani.
DIGITIZATION-
Edarat signs contract to manage Sahayeb’s data centers: Al Moammar Information Systems (MIS) tapped affiliate cloud solutions firm Edarat Communication and Information Technology Co. to provide support and maintenance services to Sahayeb ’s data center facilities under a SAR 125.8 mn agreement signed yesterday, according to a disclosure to Tadawul. MIS, which owns a 30% stake in Edarat, awarded the company the three-year contract in June.
BANKING
Alkhabeer Capital signs profitrate swap hedging agreement with AlRajhi Bank: Alkhabeer Capital agreed to a profitrate swap hedging contract with AlRajhi Bank for an amount of SAR 170 mn to fix a profitrate of 50% for some SAR 737.5 mn Alkhabeer used under a SAR 1.04 bn credit facility from the lender, according to a disclosure to Tadawul. The credit facility was used for Alkhabeer REIT Fund offering, where it tapped SAR 340 mn for the fund’s initial offering, and SAR 397.5 mn for its first additional offering.
The rationale: The hedging facility aims to safeguard the fund against potential profitrate fluctuations during the remaining tenor of the facility, which matures in September 2031.
ENTERTAINMENT-
Qiddiya eyes digital revamp with Globant partnership: PIF-owned entertainment company Qiddiya Investment and Luxembourg-born tech heavyweight Globant will develop the Qiddiya Play Life Connected Experience, with the goal of turning Qiddiya City into an immersive playground for entertainment, sports and culture, according to a joint statement.
Tech meets play: The agreement will see Globant create a digital ecosystem using AI, data analytics and cloud technology to personalize visitor interactions, streamline event bookings and enhance overall engagement.
DEBT WATCH-
Nomu-listed Academy of Learning Company secured a SAR 30 mn, four-year Shariah-compliant loan from Bank Albilad to fund future expansions, it said in a disclosure to Tadawul. No details were provided on the specific projects the loan will fund.
