FINTECH-

Emkan, Safqah get CMA nod to launch investment + financing platforms:Fintech players Emkan Arabia and Safqa Financial have gotten the nod from their regulator to launch platforms offering investment services to individual investors. The Capital Market Authority made separate announcements here and here.

Emkan is an investing platform for beginners + offers crowdfunding as a service to MSMEs. Think of it as a smart dashboard that gives would-be investors their choice of privately held SMEs and issued sukuk. Beginner investors can make investment decisions through
“fast,safe procedures and steps,” Emkan writes on itswebsite. Private companies can view it as a crowdfunding platform where they can raise funds by selling shares and sukuk to the public.

Safqa, meanwhile, will provide investment and financing to the real estate industry, according to their placeholder website.

OIL + GAS-

Aramco begins drilling operations at Spark:Oil giant Aramco launched operations at its main drilling and workover hub in King Salman Energy Park (Spark), a statement by Spark(pdf) said yesterday. The operational launch of the D&WO HQ and industrial facilities within the park will help it “act as a main enabler to support the localization of the oil and gas value chain,” the statement read.

What we know: More than 1k Aramco employees will work at the hub, which Spark is positioning as key to its goal of luring upstream suppliers and other players in the energy value chains to set up shop in the Kingdom.

What’s Spark? Located in the oil-rich Eastern Province, Spark is being developed as an industrial ecosystem and energy hub aimed at boosting the kingdom’s energy value chain. Spark aims to to contribute over USD 6 bn to Saudi Arabia’s GDP annually and create up to 100k direct and indirect jobs at maturity.

LOGISTICS-

NIDLP is inching closer to bringing online a third of the 59 logistics centers it is planning to open, Al Eqtisadiah reports, quoting the National Industrial Development Logistics Program (NIDLP) Head Suliman Al Mazroua yesterday. The program is currently working with state institutions and the private sector to open the final 38 centers, Al Mazroua added.

Background: Crown Prince Mohamed bin Salman in August launched a plan to develop 59 logistics centers nationwide to boost infrastructure, create jobs and attract investment as part of our national drive to diversify the economy. The plan is to have 12 centers in Riyadh, 12 in Macca, 17 in the Eastern Region, and 18 distributed across the rest of the Kingdom.

NEOM-

Mayar Holding, Neom sign contract for irrigation maintenance at mega city: Leading escalators and elevators company Mayar Holding said its subsidiary Saudi Drip Irrigation signed a SAR 28.9 mn contract with Neom Company to carry out operation and maintenance work at the mega city for 24 months, it said in a disclosure to Tadawul on Tuesday.

About Saudi Drip Irrigation: Saudi Drip specializes in manufacturing drip irrigation systems, solid pipes applications, and accessories. It is also a leading producer of polyethylene drip pipes and related fittings in the kingdom.

REAL ESTATE-

Retal Urban Development secures contracts for Jeddah and Riyadh residential units:Retal Urban Development has signed sub-development agreements worth c. SAR 925 mn with state-owned National Housing Co. (NHC) to build residential complexes in Riyadh and Jeddah, the company said in separate statements to Tadawul (here and here).

What we know: The first contract, valued at SAR 290 mn, involves the development of 366 residential units in zones one and two of Riyadh’s Al Shifa neighborhood. The second contract, worth SAR 635 mn, involves the development of 803 residential units in South Jeddah.

Where the funds are coming from: The projects will be financed through off-plan sales and the company’s own cashflows and facilities, the real estate developer said. It expects to complete the projects within 42 months from the date of the agreement.

HEALTHCARE-

Nabaa Al Saha Medical ServicesCo. has lined up an SAR 11 mn loan from Al Rajhi Bank to support the expansion of its recently acquired facility Al Anwar Medical Hospital in Hail. The five-year facility will be used to finance renovations as well as the purchase of tools and equipment for the hospital. Naba Al Saha also operates Al Zahraa General Hospital and Manarat Al Haramain Pharmacy in Qatif.

TECH-

IT service provider 2P tapped to lead the Haj Ministry’s digital transformation: The Perfect Presentation Company for Commercial Services (better known as 2P) has landed a contract worth SAR 47 mn to provide tech services to the Hajj and Umrah Ministry, the company said in a disclosure to Tadawul yesterday. The three-year contract is expected to have a positive financial impact on the company’s earnings from 2024 through 2027.

2P wil digitize the ministry’s services infrastructure, including the operation and management of the ministry’s servers and systems as well as its unified communications systems.

INVESTMENT WATCH-

More investment for the Eastern Province: Eastern Province Governor Prince Saud bin Nayef inaugurated projects with a total investment cost of SAR 14 bn, Al Jazirah reported yesterday. The projects include new several malls, tourist resorts, cultural centers, and a hospital.

INS-

Walaa Cooperative Ins. gets okay to up capital by SAR 425 mn: The Saudi Arabian Monetary Authority (SAMA) has approved Walaa Cooperative Ins. Company ’s SAR 425 mn capital increase, Walaa said in a disclosure to Tadawul. The company will offer additional shares to existing shareholders and said it will provide more information on the increase soon. Walaa is raising funds to support its growth plans, it has previously said.

INFRASTRUCTURE-

Tadawul-listed Keir International has landed a SAR 247 contract from the state-owned National Grid Companyto “connect Al-Nazim bulk supply point with the 132 KV network in Riyadh,” it said in a regulatory filing yesterday. The project will take 20 months to deliver.

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