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RETAIL SUKUK-
The first issuance of the Finance Ministry and National Debt Management Center’s (NDMC) new retail saving sukuk program will carry a 5.64% fixed annual yield, Argaam reports. Subscriptions in the February issuance started yesterday and will wrap up tomorrow.
ICYMI- The ministry and NDMC launched this shariah-compliant retail saving instrument in a bid to diversify the nation’s savings offerings. The program will feature monthly issuances carrying annual fixed yields.
SUPPLY CHAINS-
National shipping company Bahrihas inked an MoU with Boeing Saudi Arabia to expand cooperation in supply chain and distribution, according to a statement yesterday. The two firms will use Bahri’s existing supply chain avenues here to collaborate in freight forwarding, warehousing, inventory management, and performance-based logistics consulting. The move aims to boost supply chain efficiency, particularly for the Kingdom’s defense sector.
INFRASTRUCTURE-
Marafiq has completed its sewage treatment plant in Jeddah and received approval from the Saudi Water Partnership Company to begin commercial operation, it said in a statement to Tadawul. The plant will allow Jeddah Althaniya Water Company — Marafiq’s JV with Alamwal Al Khaleejiah Al Thaniya and Veolia Middle East — to treat wastewater at a capacity of 300k cubic meters per day. The agreement is set to run for 25 years from October 2023.
MANUFACTURING-
#1- Group Five Pipe will manufacture and supply tailored steel pipes to Aramco after signing a two-month SAR 30 mn contract, it said in a statement to Tadawul.
#2- Saudi Drip Irrigation has renewed a five-year contract with US-based irrigation equipment manufacturer Hunter Industries, Saudi Drip mother company Mayar Holding said in a statement to Tadawul. The agreement will see Saudi Drip manufacture Hunter-Industries-branded irrigation systems that can be used for agricultural, residential, commercial, and golf courses. The company will also manufacture energy-saving solutions for irrigation systems as well as distribution technology for Hunter Industries. No details were provided on the value of the agreement.
TECH-
Sure Global Tech has landed a SAR 16.3 mn contract from the Commerce Ministry to develop and operate a mechanism to track the circulation of goods in the local market, the company said in a filing to Tadawul yesterday. The IT services providers will also develop systems to monitor product availability, flagging shortages and surpluses. The project runs for 24 months.
M&A WATCH
Nesma completes acquisition of Dubai-based energy firm Kent: Local contractor Nesma & Partners has fully acquired Dubai-based energy services provider Kent,, according to a press release. Kent had been backed by private equity firm Bluewater since 2015, which helped Kent grow its revenues from USD 200 mn to USD 1.4 bn, according to a statement. No financial details on the transaction have been disclosed.
Kent’s BOD is getting a makeover: While Kent’s structure and services will continue to operate as a stand-alone entity under the agreement, its board of directors will undergo some changes as new members replace shareholders from Bluewater. The company will bring on former McKinsey senior partner and tech transformation expert Driek Desmet, energy transition expert Gary Parke, and Nesma & Partners President and CEO Samer Abdul Samad, the company announced.
TELECOMS-
Faster internet services courtesy of Dawiyat? Dawiyat Integrated — a subsidiary of the Saudi Electricity Company — has secured a license from the Communications, Space and Technology Commission (CST) to build, operate and maintain cable landing stations (CLS) and international cable capacities, it said in a statement yesterday. The company’s CLS will help provide high-speed internet to local and international clients, it said.
