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REAL ESTATE-
#1- Building Construction (BCC) — a subsidiary of Tadawul-listed real estate developer Retal Urban Development — has landed a SAR 2.9 bn contract for Dhahran’s first multi-use community complex with PIF-owned Roshn Group, the parent company said in a disclosure to Tadawul. The 45-month agreement will see BCC design, build and develop some 1.9k residential units at Roshn’s Aldanah project Site 1, in addition to carrying out some infrastructure and landscape work and developing public amenities.
About the project: Aldanah project, which spans 1.7 mn sqm, will be home to 10k residents. The complex’s units will be equipped with advanced energy-saving features, including modern insulation, solar water heaters and high efficiency air conditioning. Green spaces will cover 10% of the project’s total area. Aldanah is Roshn’s sixth mixed-use development across the Kingdom.
#2- Nomu-listed View United Real Estate Development signed an MoU with Zamil Group Real Estate to cooperate on joint real estate investment and development projects for a renewable one-year period, it said in a disclosure to Tadawul.
DEBT WATCH-
#1-Alkhorayef Water and Power Technologies (AWPT) has increased its Shariah-compliant credit facility with Al Rajhi Bank to SAR 865 mn from a previous SAR 200.9 mn, it said in a disclosure to Tadawul. It said the value of the collateral provided for the financing was amended accordingly to SAR 910.9 mn, while the initial agreement’s terms and conditions were kept unchanged.
Background: AWPT had originally lined up the loan from Al Rajhi Bank back in June 2022 to finance water projects in Dammam, according to an earlier disclosure.
#2- Nomu-listed WSM for Information Technology obtained a SAR 4 mn financing facility under the Ofuq product of the Social Development Bank, it said in a disclosure to Tadawul. The facility is earmarked for funding the tech company’s capital investments, and it will run for a period of 2 years.
Ofuq is tailored for companies that have been in business for a minimum of three years with annual sales between SAR 3 mn and SAR 40 mn.
M&A WATCH-
#1- Saudi Lime Industries closed a SAR 35 mn full takeover of Astra Mining Limited, it said in a filing to the exchange. The Nomu-listed company will also settle SAR 130 mn in debts owed by Astra to local lenders as part of the acquisition, bringing the total amount of the transaction to SAR 164.6 mn. The transaction was financed by the company’s own resources, along with debt facilities, the statement reads, without providing further information.
#2- Home furnishing manufacturer Naseej International Trading has tapped Wasatah Capital as its financial advisor for the acquisition of real estate developer Etmam Arabia, it said in a disclosure to Tadawul. The move comes a few months after Naseej signed a non-binding MoU to acquire 100% of Etmam Arabia through a stock swap that will see Naseej issue new shares for the acquisition.
FINANCE-
Monsha’at — the small and medium enterprises regulator — signed a number of financing agreements to support SMEs as part of its Funding Week, it said in a statement. No financial information was provided on these agreements, which include:
- An agreement with the Sama-affiliated Saudi Banks Media and Awareness Committee to raise SMEs financial awareness;
- An agreement with Janaa Financial to determine SMEs investment needs and challenges;
- An agreement with Intelligence Solutions for Digital Brokerage in Finance (Arib) to provide financial brokerage services;
- Brought on Smart Interaction Digital Brokerage (Sidb) to offer financing windows through Monsha’at’s Mazaya platform.
TECHNOLOGY-
Aramco is partnering up with French quantum computer startup Pasqal to install Saudi’s first quantum computer in the second half of 2025, according to a joint statement. Under an agreement, Pasqal will install, maintain, and operate a 200-qubit computer for the oil giant. Upon its deployment in 2025, the quantum computer will use the “analog mode” before an upgrade the next year to a state-of-the art hybrid “analog-digital mode” which solves more complex problems seamlessly. Aramco and Pasqal also plan to set up a quantitative research center to promote breakthroughs in quantum algorithm development and identify new use cases for the technology.
SMART POLICY- Quantum computing can have a key role in the development of cleaner fuels through the deployment of its algorithms to optimize energy markets by evaluating significant amounts of data, including energy demand, supply capacity and others.
Aramco and Pascal are no strangers: They signed an MoU in 2022 to “collaborate on quantum computing capabilities and applications in the energy sector” with Aramco-backed VC fund Wa’ed Ventures investing in Pasqal’s USD 108 mn Series B funding round in 2023. The French startup also set up an office in Saudi last year.
