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M&A WATCH-
#1- KnowledgeNet cashes in on subsidiary sale: Software developer KnowledgeNet sold its 50% stake in property management arm KnowledgeNet Real Estate to the Saudi Technology Fund in exchange for 837.5k units in the fund valued at SAR 8.4 mn, according to a filing to Tadawul. KnowledgeNet will use the proceeds to shore up the company’s liquidity and drive its expansion strategy.
IN CONTEXT- The transaction is part of a broader agreement outlined earlier in a June MoU with Bayt Alnomow to divest subsidiaries leveraging KnowledgeNet’s proprietary tech. The Saudi Technology Fund bought a total stake of 92% in the company, worth SAR 16.8 mn.
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#2- First Avenue for Real Estate Development upped its stake in the Blom Real Investment Fund 1 to 75%, up from 16%, in a SAR 20.1 mn transaction, to be paid in five installments, according to a disclosure to Tadawul. The fund aims to build 315 luxury apartments in Riyadh’s Al Arid district.
HOSPITALITY-
Seef Properties to launch its first Saudi development: Bahraini real estate developer Seef Properties partnered with Saudi Majd Investment to develop a BHD 50 mn (SAR 498 mn) mixed-use project in Dammam, its first venture in the Kingdom, it said in a statement. The project will feature residential, commercial, entertainment, and office spaces.
LOGISTICS-
Mawani adds new shipping service to Jubail Commercial Port: The Saudi Ports Authority (Mawani) added Emirates Shipping Line’s EJBS service to Jubail Commercial Port, it said in a statement. The new service, which has a 1.8k standard container capacity, will link the Jubail port to the ports of Jebel Ali in the UAE, and Shuwaikh in Kuwait.
