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ENTERTAINMENT-
#1- United Maintenance and Contracting was awarded a SAR 1.8 bn contract to build a new racetrack and its associated infrastructure at Qiddiya Investment Company ’s (QIC) Speed Park, Meed reports. The new racetrack is poised to become a venue for hosting major events like the Formula 1 Grand Prix and MotoGP races.
About the park: A JV between local player El-Seif Engineering Contractor and China State Construction Engineering and Cooperation was chosen by QIC last year, to construct the buildings around the SAR 15 bn Speed Park.
#2- New streaming platform in GCC: Tech platform Yango launched entertainment superapp Yango Play in the UAE, Saudi Arabia and other GCC countries, according to a press release. Yango Play offers Arabic and international content, personalized music, and interactive games, as well as a bilingual AI assistant named “Yasmina” who answers questions and provides a chat function.
TOURISM-
Knowledge Economic City (KEC) will be able to sell apartments in its residence tower at the Madinah hub area under the Hilton brand and marketing trademark after signing an agreement with Hilton Worldwide, KEC said in a disclosure to Tadawul yesterday. The residential tower has 64 apartments. No further information was provided.
LOGISTICS-
#1-National shipping company Bahri and the Saudi Port AuthorityMawani are partnering to establish a 95k sqm logistics center at Jeddah Islamic Port, according to a statement. The center is expected to offer services including container maintenance, repair, cleaning, bonded storage, and haulage services will be offered at the logistics center.
#2- Four Winds is set to launch new freight routes as alternatives to the Red Sea amid ongoing tensions in the shipping route, according to a Friday press release. The company will offer services from ports in the Kingdom, Dubai, and Jordan, providing transit from Jebel Ali Port in Dubai to Jeddah in five days, Riyadh in three days, and from King Abdulaziz Port in Dammam to Jeddah in three days, and Riyadh in two days.
DEBT WATCH-
#1- Keir International has renewed a SAR 68 mn shariah-compliant credit facility with Saudi National Bank for 12 months, it said in a disclosure to Tadawul yesterday. Proceeds will be used to finance one of the company’s projects and to fund the issuance of bank guarantees and letters of credit.
#2- United Feed Manufacturinghas signed a SAR 591 mn financing facility withthe Agricultural Development Fund to establish 30 silos,the fund said in a statement. The silos will have a storage capacity of 450k tons. The company will also use the funding to purchase equipment and establish grain warehouses with the capacity to receive 750 tons of grains per hour. It will also finance the setting up of 21 packaging lines in Neom Ras Al Khair and Jazan.
The financing falls under the fund’s food security initiative, aimed at establishing a strategic grain reserve to stabilize food supply chains and mitigate any disruptions in the availability of goods and agricultural products.
M&A WATCH-
Kuwait’s Gulf Ins. Group is set to sell the entirety of its 28.5% stake in Buruj Cooperative Ins.to parent company Cigalah Trading Establishment under a binding share sale and purchase agreement worth SAR 121.8 mn, Buruj said in a Tadawul disclosure.
REAL ESTATE-
Jadwa Investment has purchased a plot of leased commercial land in Jeddah’s Al Zahra district in a SAR 400 mn transaction and transferred its ownership to the Jadwa REIT Saudi Fund, according to a disclosure to Tadawul yesterday.
STARTUP WATCH-
Fincart regional HQ is coming to town: Egyptian shipping and financing solutions provider Fincart plans to open its regional headquarters in Saudi Arabia in 2Q 2024, CEO Mostafa Masry told Egyptian daily Al Mal. The startup also aims to launch operations throughout the remainder of the GCC by 2025 and in Morocco, Kenya, and Ethiopia later down the line, Masry said. The startup will soon close a funding round, which will be spent on improving its tech infrastructure and marketing.
About Fincart: The startup connects small businesses with local and international shipping companies, helping them scale up operations and has plans to work with fintech firms and banks to provide financing to small and micro enterprises.
