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DEBT WATCH-
The Public Investment Fund (PIF) has agreed to reschedule a loan of up to SAR 1 bn forEmaar, The Economic City (EEC), the real estate developer said in a disclosure to Tadawul yesterday. The loan’s term was extended from 18 months ending in August of this year to 21 months ending in November. The rescheduling will help “provide additional support and runway for the company to evaluate repayment or settlement alternatives for the facility,” it said. The PIF holds a 25% stake in EEC, which is linked to Dubai’s real estate property giant Emaar.
CAPITAL MARKETS-
Tadawul’s benchmark index TASI wraps 1Q 2024 on a high note: TASI gained 3.6% q-o-q4Q 2023, marking its highest quarterly close in two years, according to data seen by Argaam. Meanwhile,NomuC — the exchange’s capped index — was up 6.5% YTD at yesterday’s close.
COMMODITIES-
GFSA buys wheat in the first tender of 2024: The General Food Security Authority (GFSA) purchased 795k tons of wheat in its first tender of the year, state news agency SPA reported yesterday. The wheat shipments — sourced from the European Union, Black Sea, North and South America, and Australia — are set to arrive here between June and July.
HEALTHCARE-
Healthcare company Bioniq lands in town: London-based healthcare firm and personalized supplement maker Bioniq launched a strategic partnership with local diagnostic health provider Al Borg Diagnostics, paving the way for its entry to the Kingdom, according to a statement by Bioniq yesterday. The partnership will see Bioniq make its comprehensive blood test panel available to consumers in 28 cities, including Riyadh, Jeddah and others. Consumers will also have an option to get a personalized supplement formula by Bioniq after the completion of a 50-parameter blood test.
PRIVATE EQUITY-
Al Moammar Information Systems moves forward with SFC data centers: Al Moammar Information Systems (MIS) has obtained 6.6 mn units at a value of SAR 66 mn for data centers it is setting up for Saudi Fransi Capital (SFC), it said in a disclosure to Tadawul yesterday. These will be the first units installed at the six planned data centers.
ELECTRICITY-
Electrical Industries Company to supply electrical equipment to SEC: Electrical Industries Company (EIC)’s subsidiaries Wescosa and Saudi Transformers signed a SAR 158 mn contract to supply electrical equipment to the Saudi Electricity Company (SEC), it said in a disclosure to Tadawul.
LOCALIZATION-
The Federation of Saudi Chambers is out with a new national committee for military industries, which marks the first time a military-focused committee is formed under the private sector, state news agency SPA reported last week. The committee will work with the General Authority for Military Industries (Gami) and PIF military champion Sami to boost the private sector’s role in military industries and manage increasing investments, its newly appointed Chairman Salman bin Nasser Al Shatri told Asharq Al Awsat.
LABOR-
The government-affiliated National Center for Non-Profit Sector (NCNPS) launched a new platform aimed at improving the quality of vocational training in the non-profit sector, state news agency SPA reported yesterday. The “Sdeem” platform will provide three programs: one for training CEOs in management, another for developmental projects, and a third program for human resources.
LOGISTICS-
A new shipping service at Jeddah Islamic Port: The Saudi Ports Authority (Mawani) has added a new shipping service — NRS by Folk Maritime — to its Jeddah Islamic Port to boost connectivity along ports in the North Sea, according to a statement earlier this week. The new service, which will offer a capacity of up to 1.3k TEUs, will link Jeddah Islamic Port to Yanbu Commercial Port, Neom Port, Jordan’s Aqaba Port and Egypt’s Sokhna Port.
