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RETAIL-
Spinneys is now in the Kingdom: Spinneys opened its first store in the Kingdom, choosing the La Strada Yard in Al Nuzha district in Riyadh for its debut, according to a statement. The supermarket chain eyes rapid expansion in the Kingdom as it targets to open up to 12 stores by 2028, with new stores coming to Riyadh and Jeddah soon.
Remember: Spinneys’ CEO Sunil Kumar said earlier this year that the chain plans to open another three stores by the end of this year and at least four new stores in the Kingdom every year for the next five to 10 years.
AUTOMOTIVE-
#1- Al Jomaih-Shell JV and Autolead will bring Shell service centers to the Kingdom: The joint venture of local leading family conglomerate Al Jomaih Holding and Shell Lubricating Oil Company (Josloc), the exclusive distributor of Shell products in the Kingdom, has signed an agreement with Autolead to launch and operate Shell service centers across the Kingdom, according to a statement. The partnership also sees the launch of a network of quick service centers under Autolead’s subsidiary Quick Lead.
#2- Wallan Trading Company will open the Kingdom’s first showroom for the luxury line-up of Lotus electric vehicles later this year, according to a statement. The showroom, which will open in Riyadh in 4Q 2024, will feature the UK automaker’s EV line-up, including the Lotus Eletre and Lotus Emira.
In context: Wallan Trading Company is the authorized distributor of British sports car brand Lotus’ vehicles in the Kingdom following a strategic partnership with Lotus earlier this year.
REAL ESTATE-
#1- Nearly SAR 1 bn was allocated to the Sakani program this month: The Real Estate Development Fund deposited SAR 989 mn in the accounts of the Sakani program beneficiaries for June 2024, bringing the total amount of deposited funds to the program so far to SAR 60.4 bn since its launch in 2017, state run news agency SPA reported.
What is Sakani? The program is part of a government-run housing initiative that facilitates homeownership for citizens via several financing options, including rent-to-own and mortgage loans.
#2- Egypt’s Marseilia Group eyes launching a Saudi arm: Egyptian real estate developer Marseilia Group plans to launch a Saudi arm with an EGP 10 bn (c. SAR 776.4 mn) investment as it prepares to roll up its sleeves on two projects in Riyadh and Qassim, Mubasher reported, citing statements by the company’s Chairman Sherif Helw to a group of Saudi investors. He said his company was looking to develop residential, commercial and coastal projects in the Kingdom without providing further details.
Not the only Egyptian developer setting a base here: Egyptian real estate giant Talaat Moustafa Group (TMG) broke ground last month on their first project in Saudi. The integrated Benan city is being developed in eastern Riyadh’s Al Fursan in partnership with the National Housing Company. It will be home to some 27.8k residential units, along with a sports club and health, educational, and commercial services. The project marks the Egyptian real estate developer’s first overseas project.
ALSO- Hassan Allam Properties — the real estate arm of our friends at Hassan Allam Holding — inked an MoU in March with local real estate player Sumou Holding to set up a JV to open up cross-border investments for the companies in Saudi Arabia and Egypt and to share expertise.
AGRICULTURE-
Gov’t launches tender for five agricultural projects in Al Baha: The Environment, Water and Agriculture Ministry has launched a tender offering five farmlands for cultivation, three of which will be allocated for coffee beans and the other two for grapes and almonds, state news agency SPA reported.
INVESTMENT-
Alinma Investment — the fund manager of Alinma REIT — has completed the acquisition of a piece of real estate in Riyadh through a combination of in-kind and cash payments, according to a disclosure to Tadawul (pdf). It will acquire the property which is valued at SAR 368 mn in exchange for Al Makan Mall in Riyadh — which was valued at SAR 392 mn. A previous agreement in March saw the fund acquiring two real estate properties in Riyadh valued at SAR 592 mn in exchange for Al Makan Mall. The transfer of the ownership is set to take place in Q3 2024.
The rationale: Alinma Investment said the sale of the mall will help “maximize the fund’s returns in a way that could reflect positively on the fund’s cashflows and expected distributions.”
ARTS & CULTURE-
Qiddiya Investment Company (QIC) — a subsidiary of the Public Investment Fund (PIF) — will set up a performing arts center in the USD multi-bn development, state news agency SPA reported. The new center is set to be the first cultural landmark in Qiddiya. It will feature three theaters with a combined seating capacity of c. 2.4k, where some 260 performances will be held annually. It is set to include an amphitheater with a panoramic view of the city.
Background: Qiddiya aims to become the world’s largest entertainment hub. The district will be home to the first Dragon Ball themed park as well as a multi-use stadium where Qiddiya plans to host major sports, cultural and entertainment events, including games at the 2034 Fifa World Cup. The destination will also be home to the world’s first gaming and esports district. QIC’s board recently approved the launch of a new water theme park that is slated to be the first of its kind in Saudi and the largest in the region.
FINANCIAL SERVICES-
Urpay — a digital wallet by Sama-licensed fintech provider neoleap — has partnered up with Mastercard to offer advanced cross-payment solutions, according to a statement (pdf). Under the partnership, urpay customers will have access to funds pick up, bank deposit and digital wallet transfers. It will also allow urpay clients to transfer funds to over 180 countries globally.
CHEMICALS-
Aramco’s petrochemicals arm to secure methanol supply from Chemanol: Tadawul-listed methanol producer Chemanol has signed a 20-year agreement with Saudi Aramco Total Refining and Petrochemical (Satorp) to supply the Aramco subsidiary with 100k metric tons of methanol annually, a disclosure to Tadawul showed. No details were provided on the value of the agreement, which will go into effect by the end of 2027.
