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EDUCATION-
Our friends at EFG Hermes advised Maarif Education on its takeover of Ibn Khaldoun Education, a transaction set to make Maarif the largest K-12 school provider in the Kingdom by revenue and geographic reach, according to a press release (pdf). The investment bank acted as the sole financial advisor on the transaction. While the transaction’s value wasn’t disclosed, EFG said this is one of the biggest investments in the domestic education sector.
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The details: The acquisition includes eight Riyadh-based campuses catering to 13k students, pushing Maarif’s total enrollments to over 36k nationwide.
ENERGY-
Marafiq to swap liquid fuel for natural gas at its Yanbu 2 plant: The state-owned Power and Water Utility Company for Jubail and Yanbu (Marafiq) tapped South Korean energy solutions firm Doosan Enerbility to convert its liquid fuel-powered Yanbu 2 plant to use natural gas as fuel, it said in a disclosure to Tadawul. The three-year contract comes under the government’s Liquid Fuel Displacement Program, which aims to replace 1 mn barrels of liquid fuels per day across the agriculture, manufacturing, and utilities sectors by 2030.
MANUFACTURING-
#1- Hyundai to set up manufacturing + assembly plant in King Abdullah Economic City: Hyundai Motor Manufacturing Middle East signed a SAR 175.7 mn, 20-year ground lease agreement with Emaar the Economic City to set up a vehicles and auto parts manufacturing and assembly plant in the Special Economic Zone of King Abdullah Economic City’s Industrial Valley, according to a disclosure to Tadawul.
ALSO– Mena Tyre Company signed a 20-year land lease agreement with Emaar worth SAR 88.7 mn to set up a tire manufacturing plant in the same zone, according to a separate disclosure. The Public Investment Fund owns stakes in all three parties.
#2- Arabian Mills ramped up production capacity at three major branches by 11.7% after receiving the green light from the General Food Security Authority (GFSA) last week, it said in a filing to Tadawul. The Riyadh branch boosted its annual flour output to 854.3k tons, the Jizan branch increased annual production to 402k tons, and the Hail branch raised output to 201k tons a year.
IN CONTEXT- The expansion comes as Saudi Arabia’s flour mills gear up to tap global markets under a new GFSA policy, allowing licensed companies to export surplus production once local needs are met. Under the new policy, flour milling firms must reimburse the government for wheat subsidies on exported quantities, ensuring domestic supply remains prioritized.
TOURISM-
Soudah Development tapped US infrastructure consulting firm AECOM to carry out the architectural and engineering design for the first phase of the Soudah Peaks project, state news agency SPA reported yesterday. The designs will incorporate sustainable infrastructure solutions while maintaining the region’s natural and cultural heritage.
About the project: Launched by Crown Prince Mohammed bin Salman last year, the tourism development is situated 3k meters above sea level on the Kingdom’s highest peak, extending from the region of Soudah to parts of Rijal Almaa. It aims to contribute SAR 29 bn to the Kingdom’s cumulative GDP. Soudah Development is a wholly-owned unit of the Public Investment Fund.
