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HOSPITALITY-
Six hotel brands coming to the Islamic World District Knowledge Economic City: Hilton and Marriott separately agreed to launch three hotel brands each in Madinah’s Islamic World District Knowledge Economic City (KEC), according to press releases (here and here).
The details: Hilton signed an agreement with Al Gharaa International for Real Estate Development to open a 283-room Home2 Suites by Hilton, 732-room Hilton Garden Inn, and 400-room Hampton by Hilton in KEC. Meanwhile, Marriott signed an agreement with KEC to launch 456-key Courtyard by Marriott, 558-key Four Points by Sheraton, and Residence Inn by Marriott featuring over 250 keys.
INVESTMENT WATCH-
Saudi Venture Capital (SVC) committed an undisclosed sum to Aliph Fund I, a USD 250 mn target private equity vehicle managed by Aliph Capital, it said in a press release (pdf). The sector-agnostic fund targets medium-sized companies in the Kingdom and the broader GCC. It secured a USD 125 mn investment from the UAE’s sovereign wealth fund ADQ back in 2022 and a separate investment from PIF-backed Jada Fund of Funds in 2023.
About SVC + Aliph: Established in 2018, SVC is an investment management firm that targets private capital funds, including venture capital, private equity, and others. The SME Bank’s subsidiary has USD 2 bn in assets under management. Aliph Capital is an Abu Dhabi-based private equity fund manager founded in 2021.
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STARTUP WATCH-
Homegrown sports-tech Grintafy secured undisclosed funding from Singapore-based VC firm Adaverse to accelerate its move into Web3 from Web2, according to a press release. The funding will help the startup integrate blockchain technology into its football talent discovery platform.
Background: Grintafy previously closed a USD 2.1 mn bridge round led by Aramco’s Wa’ed Ventures back in 2022, which was followed by support from blockchain sports entertainment giant Chiliz earlier this year.
DEBT WATCH-
Tanmiah Food raised its one-year revolving Murabaha loan with Gulf International Bank Saudi Arabia to SAR 220 mn, from SAR 125 mn, it said in a disclosure to Tadawul. The facility aims to support the working capital needs of Tanmiah’s subsidiaries.
AVIATION-
Saudia signed a maintenance, repair, and overhaul MoU with Air France-KLM, according to a statement. The partnership will see Saudia handle the assembly and disassembly of GE90 engines’ modules locally while awarding 50% of the orders to Air France-KLM.
ALSO- The airlines agreed to expand their codeshare agreement to offer more routes and improve connectivity.
TRADE-
The Kingdom inked 24 fresh agreements with China spanning healthcare, biotech and private investments at the Saudi-China business council meeting in Riyadh, state news agency SPA reports. No further information was disclosed.
CORPORATE ACTIONS-
Saudi Pharma Industries & Medical Appliances (Spimaco) terminated its agreement to acquire a 68% stake in Swiss pharma company Osmopharm and divest a 76.4% stake in Spimaco Misr, it said in a filing to Tadawul. The agreement, initially structured as a share swap with cash consideration, failed to secure the necessary regulatory approvals by the November 30, 2024 deadline. Sigma, one of the transaction’s related parties, pulled the plug due to unfulfilled conditions.
FISCAL POLICY-
The Kingdom inked an agreement with Croatia to eliminate double taxation, encourage trade, and provide tax certainty for investors, on the sidelines of the Zakat, Tax, and Customs Conference. A similar agreement was inked with Kuwait to avoid double taxation, reduce tax barriers, and promote investment and trade between the two nations.
