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MANUFACTURING-
Dammam-based pipes manufacturer Amiantit’s subsidiaries have lined up the following SAR 174 mn in supply and installation contracts, it said in a filing to Tadawul.
- Setting up SAR 52.4 mn water networks for the Green Riyadh program under a one-year contract with Abdullah Al Sayegh & Sons. Al Sayegh also sealed a SAR 26.3 mn contract for phase two of the strategic water plan in Riyadh;
- The SAR 16.6 mn King Abdullah Gardens project in Qiddiya under a one-year contract with Zaid Al-Hussein & Brothers;
- Construction Network Contracting was awarded a SAR 59 mn, two-year contract to develop water networks in Dhahran Al-Janoub, Bisha, and Sarat Obeida;
- Building Assets inked a SAR 10 mn, 24-month contract to build the Muhayil Asir water networks project;
- Bakri Ahmed Al Saab General Contracting snapped up a SAR 9.7 million, 24-month contract to implement drinking water networks in Khamis Mushait city center.
MINING-
Almasane Alkobra Mining has renewed its offtake agreement with Glencore International for an additional 24 months, it said in a filing to Tadawul. The move will see the mining player sell all of its zinc and copper concentrates from its local operations to Glencore until the end of December 2026. Meanwhile, Glencore will continue to provide mining technical services to optimize the value of the products. The 2-year agreement — which was originally signed in Janurary 2023 — remains subject to renewal.
M&A WATCH-
Accumulating Balady Poultry shares: The Saudi Advanced Industries Company (SAIC) and its subsidiary have acquired 567.2k shares of Nomu-listed Balady Poultry from “multiple shareholders” for SAR 71.9 mn at SAR 126.7 apiece, SAIC said in a disclosure to Tadawul yesterday. The company said the share purchases were made over separate batches from 21 September until yesterday. The acquisition comes under SAIC’s expansion strategy, it said.
ICYMI- Tadawul-listed Almunajem Foods signed earlier this month a share purchase agreement to acquire 17% of Balady Poultry in a transaction valued at SAR 134 mn.
DESALINATION-
Acwa Power has received the commercial operation certificate for its Al Taweelah desalination plant in Abu Dhabi, according to a statement. The certificate — issued by Emirates Water and Electricity (Ewec) — will allow the renewables giant to launch the final phase of the project which kicked off operations in 2022. Acwa power owns a 40% stake in the project’s SPV, while state-owned Abu Dhabi Power Corporation and Mubadala Development Company own the rest.
GAMING-
The King Abdulaziz City for Science and Technology (KACST) gears up to boost the local gaming ecosystem under a new MoU with Animoca Brands, according to a joint statement.The partnership will see KACST and the Hong-Kong based tech player set up a physical Web3 hub in Riyadh to incubate and provide consultancy services to local and regional Web3 and blockchain startups, along with co-developing immersive experience labs featuring the latest gaming technology. The two will also embark on joint research initiatives in blockchain technology, gaming, AI and the metaverse. No further information was provided.
CONSTRUCTION + TOURISM-
Eversendai Engineering Saudi — Subsidiary of Malaysia’s Eversendai — and construction company Albawani have landed a project in Neom’sTrojena Ski Village, according to a filing to Bursa Malaysia. The companies will be tasked with the design, engineering, and installation of a structural steel signature building at the mountain resort. No further information was provided.
CAPITAL MARKETS-
The major shareholder of Al Etihad Cooperative Ins. — Trade Union — is transferring a good chunk of its ownership in the company to its own shareholders, according to a disclosure to Tadawul yesterday. The off-market transaction will lead to a change in Al Etihad’s ownership structure, with Trade Union’s stake falling to 5% from an earlier 22.4% and major shareholder Al Ahlia ins’s holding increasing to 28.7% from 10%.
UTILITIES-
The National Housing Company (NHC) broke ground on a main electrical relay station in Jeddah’s Al Sadan Community, according to a statement by the NHC yesterday. The Saudi Electricity Company (SEC) is overseeing the construction of the station which will have a capacity of 134 megavolt-ampere (MVA) and cable connections spanning 3km. It is set to provide electricity to 5.5k residential units.
TECHNOLOGY-
#1- Khobar-based supply chain firm Starlinks has inked a MoU with IoT Squared to modernize supply chains operations with smart technology, according to a statement. The firms aim to enhance operational efficiency by implementing AI in warehouse automation, optimizing data across the supply chain, and leveraging analytics in decision making to ensure a competitive advantage in the market.
#2- Edarat Communication and IT inked a SAR 12.4 mn contract to offer licensing, implementation and support for the National Center for Meteorology (NCM)’s meteomatics weather analysis system, the IT firm said in a disclosure to Tadawul yesterday. This includes Weather API and MetX licenses, integration, monitoring, and technical assistance
REAL ESTATE-
Alinma Investment acquires two real estate properties: Alinma Investment signed an agreement with Osus Real Estate to acquire two new real estate properties in Riyadh in exchange for its Al Makan Mall and using funds from loans through its Alinma Retail REIT fund, it said in a disclosure to Tadawul yesterday. The value of the assets under the transaction is expected to be of over SAR 1 bn. The agreement could be annulled by either party within 90 days under “specific conditions”.
PROCUREMENT-
Mayar Holding’s subsidiary Egypt Gulf Elevators & Escalators is set to supply Total Air Projects with 1.2k elevators, under SAR 64.6 mn 2-year contracts, according to a filing to Tadawul.
