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ARTIFICIAL INTELLIGENCE-
Al Moammar Information Systems (MIS) is one of two Saudi investors to have backed Elon Musk’s AI startup xAI, with the Riyadh-based tech giant investing some USD 1 mn in xAI, according to a regulatory filing to Tadawul. The investment was made through the company’s self-financed SAR 40 mn AI fund, which it set up for the purpose of investing in global AI players.
BACKGROUND- xAI recently closed a USD 6 bn series B funding round which saw participation from Prince Alwaleed bin Talal and his investment company Kingdom Holding, among other investors. The funds will be channeled towards helping xAI launch its first products, optimize infrastructure and fast-track its research and development efforts.
ALSO- MIS has received SAR 75 mn worth of new orders to boost the capacity of six data centers for Saudi Fransi Capital, it said in a separate filing to the exchange. The tech company had previously obtained 6.6 mn units at a value of SAR 66 mn for the centers. The financial services provider is acting as the manager of the Shariah-compliant private investment fund, which will invest in the ownership of the centers.
INVESTMENT WATCH-
PIF’s Halal Products taps into halal cosmetics: The Halal Products Development Company (HDPC) — a wholly owned subsidiary of the PIF — signed a binding agreement for an undisclosed investment in Singapore-based halal cosmetics maker Believe, state news agency SPA reported. The agreement includes setting up a cosmetics factory in Saudi to produce Believe’s beauty products, while moving Believe’s headquarters from Singapore to Saudi to turn the Kingdom into a global export hub for its products. It will offer contract manufacturing services for local makeup brands in an initial phase with global brands set to follow later.
LOGISTICS-
#1- Saudia Dairy and Foodstuff inked a long-term lease contract with the Saudi Authority for Industrial Cities and Technology Zones, it said in a press release. The agreement will see the Tadawul-listed food manufacturer set up a new warehouse in Jazan on a rented area of 15k sqm. Information about the size of the transaction wasn’t disclosed.
#2- Equipment manufacturer Kanoo Machinery’s units in KSA and UAE sealed a partnership agreement with leading Irish forklift maker Combilift to introduce sustainable forklifting solutions in the region, according to a statement. Those will focus on material handling equipment to help “meet diverse industry needs while supporting environmental goals.” The financial terms of the partnership agreement were not disclosed. Kanoo Machinery is a member of leading family-owned conglomerate Yusuf bin Ahmed Kanoo.
#3- PIF-owned Saudi Arabia Railways will transport Procter and Gamble distributor Abudawood Group’s goods across the Kingdom by train after the two signed an agreement that will expedite the movement of goods, the railway operator said in a post on X.
DEBT WATCH-
Saudi Real Estate Refinance Company (SRC) — a unit of the PIF — inked a SAR 500 mn financing agreement with the Arab National Bank, according to a press release. This agreement aims to boost SRC’s services in the mortgage financing sector. No information was disclosed about the premium on the facility and the timeline of the financing.
CONSTRUCTION-
The Saudi Water Partnership Company has reached financial closure for its SAR 1.5 bn Juranah Independent Strategic Water Reservoir in Makkah, according to a statement.
The details: The project will be executed under a build, own, operate, and transfer (BOOT) model with a 30-year concession and is set to begin operations in 1Q 2027. ISWR has a storage capacity of 2 mn cubic meters and an operational tank capacity of 500k cubic meters to support the potable water distribution system.
AVIATION-
Italian national flag carrier ITA Airways has been cleared to operate regular flights between Saudi and Italy starting Sunday, 2 June, the General Authority for Civil Aviation (Gaca) said in a post on X. ITA Airways will operate five weekly flights between Rome and Riyadh, Gaca said.
TELECOMMUNICATIONS-
Etihad Atheeb Telecom has landed two IT service projects worth a combined SAR 45.5 mn with Technical and Vocational Training Corporation, it said in a filing to Tadawul. The two 12-month agreements will see the telecom company provide internet services across the government entity’s 77 locations. No further information was provided.
FINTECH-
Fintech outfit PayTabs and Jordan-based accounting solutions firm NuMetric will optimize online invoice collection and automation for NuMetric’s users in the Kingdom and Jordan, according to a joint statement. Information about the size of the transaction wasn’t disclosed.
INFRASTRUCTURE-
Local IT firm Web Arabia signed an MoU with Japanese tech company Uhuru to promote smart city solutions across developments in Saudi, according to a statement. Under the MoU, the tech companies will develop solutions to make religious tourism safer and more convenient and solutions for infrastructure projects, including stadiums and airports. Web Arabia is a subsidiary of local general contractor Metscco Heavy Steel Industries.
HEALTHCARE-
France-based architecture firm Unamine’s healthcare subsidiary UNHI is close to setting up shop in Riyadh, which will help the firm “cope with the growing demand,” Unanime partner Pierre Sfeir told Arab News. Unamine has already delivered a healthcare project for Neom, and is currently working on a cardiology project for the Prince Sultan Cardiac Excellence Center in the capital.
HOSPITALITY-
Jabal Omar obtains license to operate final tower of five-star Makkah hotel: Jabal Omar Development — one of the Kingdom’s largest listed property developers — has obtained an operating license from the Tourism Ministry for the fourth and final tower of its Jabal Omar Jumeirah hotel, it said in a disclosure to Tadawul. The fourth tower is home to 282 rooms and suites, meeting rooms, and a business center service, among others. This brings the total number of keys across the five-star hotel’s four towers to 1.1k rooms and suites.
