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BANKING-
#1- ITFC + Saudi Exim set to provide USD 25 mn facility to Pakistan’s Bank Al Habib: Jeddah-based International Islamic Trade Finance (ITFC) and the Saudi Export-Import Bank (Saudi Exim Bank) signed an implementation agreement to provide a USD 25 mn line of financing to Pakistan’s Bank Al Habib, ITFC said in a statement yesterday. The financing aims to help local SMEs boost non-oil exports to Pakistan. Separately, ITFC signed a work plan with Monsha’at and Saudi Exim Bank to support exports by local SMEs abroad, SPA reported.
ITFC is making moves elsewhere: The ITFC signed a USD 90 mn master Murabaha agreement with the International Hydrocarbons Company of Djibouti (SIHD) to help it secure energy supply by raising petroleum imports, according to a statement yesterday.
#2- Al Moammar Information Systems has amended and renewed a Shariah-compliant credit facility worth SAR 136.8 mn with the Saudi Investment Bank, it said in a disclosure to Tadawul yesterday. The loan will finance new project contracts and the issuance of letters of credit and guarantee, it added.
SUKUK-
Saudi German Health’s planned SAR-denominated sukuk issuance is part of the healthcare provider’s debt restructuring plans, President and Deputy Chairman Makarem Batterjee told CNBC Arabia (watch, runtime: 6:11). “This [sukuk issuance] isn’t considered new loans. It will help improve cashflow and income-making,” he said, estimating the healthcare provider’s debt at SAR 3 bn.
ICYMI- Saudi German Health announced earlier this month plans to issue SAR-denominated sukuk worth SAR 1.5 bn under its sukuk issuance program through public offering. Al Rajhi Capital was appointed as the sukuk holders’ agent, financial advisor, and sole arranger.
DESALINATION-
Alucor awarded contract to provide mechanical works for landmark Shuaibah 3 IWP: UAE-based EPC contractor Alucor signed an agreement with South Korea’s industrial equipment manufacturer Doosan to provide mechanical, electrical and instrumentation installation work at the USD 821 mn seawater reverse osmosis (SWRO) Shuaibah 3 IWP desalination plant, Trade Arabia reported yesterday. The project is being developed by a consortium comprising private utility Acwa Power and PIF subsidiary Badeel and is scheduled to begin commercial operations by May 2025.
ARTIFICIAL INTELLIGENCE-
Computer science and tech graduates can get AI and data tech training through the Saudi Data and Artificial Intelligence Authority’s (SDAIA) newly launched SDAIA Al Mostaqbal graduate program, SPA reported yesterday. The trainees will undergo training in AI and data tech at SDAIA and other top tech institutions to improve their capabilities and skills. They will then join an on-the-job- training program ahead of employment at SDAIA, it said.
M&A WATCH-
Mouwasat Medical Services will offload its entire 50% stake in Advanced Medical Projects, it said in a disclosure to Tadawul yesterday. Magrabi Hospitals and Centers holds the remaining 50% in Advanced Medical Projects. The company provides ophthalmology services under the name of Magrabi Eye Center in Dammam. Starting tomorrow, Mouwasat will start providing the same services through the Mouwasat Eye Center in Dammam.
