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INVESTMENT WATCH-
Saudi Venture Capital (SVC) has made a SAR 112.5 mn investment in a fund managed by US-based private equity giant General Atlantic, state news agency SPA reports. The fund will focus on high-growth firms operating in technology, life sciences, healthcare, financial services, and consumer products, which “aligns with [SVC’s] strategy to attract leading global fund managers to invest in Saudi companies and stimulate investment in later stages,” CEO Nabeel Koshak said. No further details were provided.
SPEAKING OF WHICH- General Atlantic plans to open offices in the Gulf as it looks to plant deeper roots in the Middle East, where it has been investing since 2015, Bloomberg reported, citing statements by General Atlantic’s Global Head of Capital Solutions Chris Kojima during the Qatar Economic Forum. “Certainly in Qatar, Saudi Arabia, and the United Arab Emirates we are seeing government policies incredibly supportive, political dynamics very stable and capital market formation encouraging,” Kojima said.
BACKGROUND- General Atlantic said earlier this year it was acquiring our friends at Actis, the emerging markets PE giant, with a view to creating a USD 96 bn asset manager. Actis will become General Atlantic’s sustainable infrastructure arm and will retain its name and ability to make its own decisions on where it deploys capital.
DEBT WATCH-
Zain KSA secured two financing facilities from Al Rajhi Bank, including a 10-year vendor financing facility worth up to SAR 1.13 bn for upgrading the company’s network infrastructure, according to a disclosure on Tadawul. The second loan is a one-year revolving receivables discounting facility worth up to SAR 500 mn, which will go towards boosting the telecom company’s working capital.
FINANCIAL SERVICES-
Asfa Ventures’ fintech arm Qsalary and Itqan Capital launched a SAR 300 mn investment fund aimed at providing innovative financial solutions to streamline salary payments and the management of administrative expenses associated with payroll processing for investors seeking growth, it said in a post on LinkedIn.
HEALTHCARE-
International Medical Supplies — a unit of Arabian International Healthcare Holding (Tibbiyah) — was awarded a SAR 87 mn contract from the National Guard Ministry to provide orthopedic and spine consumables, according to a filing to the exchange. The contract is yet to be signed.
MANUFACTURING-
Arabian Pipes will supply steel pipes to Aramco after signing a 10-month, SAR 107 mncontract, it said in a disclosure to Tadawul yesterday.
EARNINGS WATCH-
Petro Rabigh extended its net losses by 41.6% y-o-y to SAR 1.4 bn in 1Q 2024 on the back of lower sales volumes resulting from an unplanned shutdown of a number of its refinery conversion units, it said in a disclosure to Tadawul yesterday. Meanwhile, revenues fell 27.3% y-o-y over the same period to c. SAR 8 bn. Petro Rabigh is a joint venture between Aramco and Japan’s Sumitomo Chemical.
