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TELECOMS-
Zain KSA plans to expand its 5G network coverage to 122 cities across the Kingdom, up from 66 cities under a fresh SAR 1.6 bn investment plan, it said in a statement. “The plan will see more than 66% of the Kingdom’s populated area covered with 5G services and solutions, increasing the number of Zain KSA’s 5G network sites around the Kingdom to more than 7k.”
Where’s the money coming from? Zain KSA, last week, secured two financing facilities from Al Rajhi Bank with a combined SAR 1.6 bn to upgrade the telecom giant’s network infrastructure, and boost its working capital.
What they said: “We are pleased to announce this huge investment to expand our network as an extension of our approach to harnessing the best technical capabilities and resources to serve the community after launching the largest 5G network in the Middle East, Europe and Africa, and third largest globally,” Zain KSA CEO Sultan bin Abdulaziz Al-Deghaither said.
STARTUP WATCH-
Logistics startup MDD has closed an undisclosed Series A round from an unnamed individual investor, Entarabi reports citing a company statement. The investor received a 5% equity for their investment which puts the company’s total valuation at SAR 100 mn. The supply chain management and procurement company claims to “shorten all the long stages you go through to complete your facility’s purchases in one digital process,” according to the website. The platform handles clients’ order initiation, financing, sourcing, and payment, the news outlet reports.
REAL ESTATE-
Al-Alameya Real Estate Development, a Saudi-Egyptian joint venture, plans to build 670 villas in Jeddah at an estimated cost of SAR 650 mn, Projects Director Essam Al-Mihi said to AlEqtisadiah on the sidelines of the Saudi Real Estate Development and Ownership Exhibition in Jeddah. The company also launched villa sales in the Al-Sadan project in Al Khomrah’s 195 sqm district earlier this month, with sales expected to be completed by 2027, he said.
ALSO- Al-Alameya is investing in three real estate projects valued at SAR 1 bn, including a SAR 180 mn project in Madinah and a SAR 200 mn project in Al-Khobar, with no details disclosed on the third project, he said.
MANUFACTURING-
ADX-listed Agthia Group is looking to launch a new AED 84 mn protein factory this quarter in Jeddah under its brand Nabil Food Industries, the company’s Snacking Business and Government Relations President, Mubarak Al Mansouri, told Mubasher. Total production capacity is expected to come at 3k tonnes, with the possibility of increasing to 8k tonnes after the second production line comes online. Agthia acquired a majority stake in Nabil Food Industries back in 2021.
DEVELOPMENT-
KSA + Maldives: The Saudi Fund for Development (SDF) has granted USD 150 mn in soft loans to the Maldives’ Finance Ministry to support travel and healthcare projects, according to a statement on social media platform X. This is in addition to a USD 80 mn for infrastructure and coast protection projects, the fund said in a separate post on X.
TECH-
Nomu-listed Edarat communication and IT inked a one-year contract with IT provider Ejada Systems valued at SAR 3.5 mn to set up cloud computing services for an unnamed state-owned company, it said in a disclosure to Tadawul.
DEBT WATCH-
Tadawul-listed Alkhorayef Water and Power Technologies has upped the value of a credit facility it had obtained earlier from Saudi Awwal Bank to SAR 749 mn, up from SAR 519 mn, according to a disclosure on Tadawul. The company didn’t disclose information about where the funds are going.
