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MANUFACTURING-
Saleh Suleiman Alrajhi & Sons and Hong Kong-listed Foxconn Interconnect Technology (FIT) to launch a USD 100 mn joint venture to locally manufacture electric vehicle chargers, according to a press release. Once established, the JV — Smart Mobility SJSC — will see each partner hold a 50% stake in the venture. Sullivan & Cromwell are advising FIT on the transaction.
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DEBT WATCH-
#1- Tanmiah Food’s Agricultural Development locked in a SAR 650 mn shariah-compliant revolving loan with the Saudi National Bank, the parent company said in a filing to Tadawul. The seven-year facility will be used to fund the company’s expansion plans and working capital needs.
#2- Scientific and Medical Equipment House renewed a SAR 190 mn shariah-compliant loan with the Saudi Investment Bank, it said in a disclosure to Tadawul. The facility now runs until 30 June, 2025 and will be allocated to fund the company’s ongoing and future projects, bank guarantees, and letters of credit.
#3- Aljazira Takaful Taawuni signed contracts with Bank AlJazira to provide two group credit ins. schemes worth SAR 58.2 mn to the bank’s customers, according to disclosures to Tadwul (here and here). A SAR 37 mn ins. plan will cover mortgage loans at the bank, while a SAR 21.2 mn plan will cover personal loans, each for one year.
#4- Homegrown payments services provider Geidea has inked an MoU with Dubai-based Tarabut to tailor financing solutions for Saudi SMEs, according to a press release. The partnership aims to address a SAR 300 bn domestic funding gap by combining Geidea extensive PoS network with Tarabut’s advanced tech stack to deliver faster and more accessible lending options across the Kingdom.
ENTERTAINMENT-
MBC unit lines up USD 14.1 mn contract for 250-episode series: MBC Studios Projects Saudi Arabia signed a USD 14.1 mn (SAR 52.9 mn) TV production contract with Al Sadaf for Audio and Visual Production, an MBC Group affiliate, for a 250-episode series, set to air in 2025, according to a disclosure to Tadawul.
REAL ESTATE-
Alinma Investment inked an agreement to buy a SAR 380 mn office park in Riyadh which will be added to Alinma Retail REIT Fund portfolio, according to a disclosure to Tadawul. The property is located in Al Qirawan district and is currently leased to government agencies and semi-government, international, and private companies. The purchase, which is yet to be finalized following due diligence, will be financed through Alinma Bank loans. The property is expected to generate SAR 34 mn in net income (c. 9% of the purchase price).
FINANCIAL SERVICES.-
Health ins. provider Bupa Arabia gained final approval from the Ins. Authority to roll out its new ins. offering Bupa Sports, according to a filing to the exchange. No details were provided on the new product.
TECHNOLOGY-
Saudi-UK JV to drive 100+ MW data centers development in the Kingdom: Saudi’s Dune Vaults and the UK’s Pure Data Centres partnered to form a JV to build hyperscale data centers in the Kingdom, with over 100 MW in capacities, according to a press release from Pure Data Centers.
Looking ahead: “We are dedicated to establishing over 1k MW of sustainable data center capacity in Saudi Arabia,” Faisal AlRahbiny, founder and managing director of Dune Vaults said.
LOGISTICS-
#1- PIF-backed Logistics company Zamil Offshore Services lined up plans to upgrade its fleet and launch its services in new markets following the PIF’s 40% stake acquisition in February , COO Nasser Al Hazzani told Seatrade Maritime News in an interview (watch, runtime: 6:17). “Our plans continue to focus on Saudi Arabia; however, we will also expand our service offerings in terms of the size of the vessels, the capabilities, and the markets that they serve,” Al Hazzani said. “We are also looking at regional growth into other markets,” he added.
#2- Riyadh-based Ajex Logistics Services plans to build a new warehouse in Bahrain Cargo Village under a letter of intent it signed with Bahrain Airport on the sidelines of the Bahrain International Airshow, it said in a post on X.
PHARMA-
Abu Dhabi-based investor Opulence Capital plans to set up the Kingdom’s first co-polymer 2A factory, according to a press release. The factory will supply major pharma companies in the Middle East, Africa, and Asia with the polymer, essential for drug delivery systems and medical device applications, among other uses, the statement read.
ENERGY-
Aramco Jubail Refinery edges closer to expansion project in Jubail: Aramco Jubail Refinery Company signed a framework agreement with parent company Aramco and Chinese refiner Rongsheng Petrochemical to embark on a new project in Jubail that will expand its refining and petrochemical production capabilities, according to a press release.
The details: The project, still in the conceptual phase, will see the installation of large-scale steam crackers and the integration of associated downstream derivatives into the existing company’s complex. The project’s financial details and construction timeline were not disclosed.
REMEMBER- Aramco signed a framework agreement with Rongsheng in April to purchase stakes in each other’s units, namely Aramco Jubail Refinery and Ningbo Zhongjin. The transaction would see Aramco acquire a 50% stake in Ningbo Zhongjin, while the Chinese refiner would take 50% of the Saudi Aramco Jubail Refinery. A follow-up agreement was signed in September.
