Sign in
FINANCIAL SERVICES-
#1- STC has launched a capital investment arm, Tali Ventures, to invest inearly-stage startups that align with the telecoms giant’s growth and innovation strategies, state news agency SPA reports. The fund will support startups in AI, fintech, ICT, cloud-based services, IoT, and cybersecurity. Tali’s current portfolio includes network equipment solutions company Nile Co, inventory management Rewaa platform, and India-based fintech player NearbyPay.
#2- Extend unveils SAR 100 mn investment fund for SMEs: Advertising services provider Extend launched a SAR 100 mn fund with investment management firm Rasanah Capital to invest in small and medium sized enterprises operating in digital media and production, arts and arabic culture, it said in a Linkedin post earlier this week. The launch of the fund aims to “accelerate strengthening the Kingdom’s position as a hub for Arabic culture on a global scale.”
There’s also an academy: Extend has partnered with French design institute Intuit Lab School and creative technology platform Peaksource Group to launch the Extend Academy, according to a separate post. The specialized academy will offer educational and training programs for media, strategic planning, analysis and report preparation. The academy targets training 200 students annually, with about 40 graduates in each track.
ENERGY-
Masco Group to build 60 MW solar plant in Republika Srpska:Local contractor Masco Group could set up a 60 MW solar plant in Republika Srpska under an MoU with the government in the Serbian entity within Bosnia and Herzegovina, Sarajevo Times reported earlier this week. The project — which is valued at EUR 70 mn — will be built on property owned by Srpska’s Internal Affairs Ministry.
Masco Group already has projects in the pipeline: The company currently has a hydrogen extraction facility underway in Srpska, Sarajevo Times writes. The Serbian entity is also looking to collaborate with Masco Group on road infrastructure projects and the use of hydrogen as a fuel for heavy machinery.
CAPITAL MARKETS-
Al Rajhi Capital will act as a market maker for Edarat Communication and Information Technology’s shares on parallel market Nomu, according to a Tadawul disclosure.
DEBT WATCH-
Egypt’s non-bank financial services provider Contact Financial Holding plans to expand to Saudi in 2025, its CEO Said Zater told Asharq Business in an interview (watch, runtime: 5:26) yesterday. He said his company was currently studying costs for expansion in Saudi and demographics related to Egyptian expats residing there to unroll its services.
INFRASTRUCTURE-
Gas Arabian Services (GAS) secured two pipeline contracts worth a combined SAR 598 mn from the Saudi Power Procurement Company (SPPC), it said in two separate Tadawul disclosures (here and here). GAS will carry out engineering, procurement and construction (EPC) works on the Taiba GAS pipeline and the Qassim GAS Pipeline.
HEALTHCARE-
Some 95 Sri Lankan nurses will be posted in government hospitals across the Kingdom starting in May 2024, while the next phase of recruitment kicks off in August as part of the government’s push for hiring enough talent to meet the growing demand, Arab News reports. This number is expected to reach 1k nurses in the next 12 months.
