DEBT-

#1- Saudi Cable inks a debt-transfer agreement:Tadawul-listed Saudi Cable Company (SCC) has inked an agreement under which Al Rajhi Banking Investment agreed to transfer its rights to a SAR 232.7 mn debt owed by the cable manufacturer to Tathmeer Investment, according to a disclosure to Tadawul yesterday. Tathmeer plans to “capitalize this indebtedness later in exchange for ownership of shares,” in SCC, paving the way for SCC “to operate efficiently, reduce its debt and strengthen its position in completing the financial restructuring procedure successfully.””

REMEMBER- SCC has been suspended from trading on Tadawul since April 2022 for failure to comply with disclosure rules. Last week, the company submitted a request to the court to extend the suspension period, which will end on 4 December, for another 180 days, to complete its financial restructuring.

#2- Meyar secures financing from SACE-Rome for new production lines: Local construction company Meyar said it has obtained EUR 622.9 mn (c. SAR 2.5 mn) in financing from the Italian Export Credit and Insurance Agency (SACE-Rome) to procure new production lines from Italian concrete manufacturer Simem, a disclosure to Tadawul read yesterday.

INVESTMENT WATCH-

Jazan is set to be a hub for African trade, said Saleh Al Solami, an adviser to the Industry and Mineral Resources Minister during the Jazan Investment Forum, according to Arab News. He said the kingdom was developing the region as a special economic zone that serves the logistics industry — and said Jazan can develop a raw materials industry that serves both domestic manufacturers and African export markets.

A flurry of investments: Some 18 agreements worth SAR 31 bn (c. USD 8 bn) were signed during the Jazan Investment Forum yesterday, according to Asharq Al Awsat. They include a SAR 21.8 bn agreement between Saudi International Industrial Village Company (SSKIV) and several South Korean firms to set up a multi-facility industrial park. Others include a SAR 5 bn investment by Chinese ceramic group WangKang to set up a float glass plant.

REAL ESTATE-

Retal Urban, PIF’s Roshn partner up for Sedra residential units:Retal Urban Co. signed a SAR 374.8 agreement with PIF subsidiary Roshn Real Estate to purchase and develop residential units in Riyadh’s Sedra residential neighborhood, it said in a disclosure to Tadawul yesterday. Under the 36 months agreement, both real estate developers will build 363 units in Sedra. Retal expects a positive impact on the company’s financial results during the project development period over the years 2024, 2025, and 2026.

WASTE TREATMENT-

Alkhorayef Water secures O&M wastewater contract for Buraidah: Alkhorayef Water and Power Technologies Co. (AWPT) secured a SAR 87.2 mn contract from the National Water Company to develop water and sewage networks at the Buraidah region, it said in a disclosure to Tadawul yesterday. The three-year agreement involves the operation and maintenance of water and sewage networks in the region, it added.

This is AWPT’s second this month after earlier landing aSAR 2.2 bn O&M contract for sewage treatment plants in Riyadh.

STARTUPS-

Malaysian startup TheNour is moving its HQ to Madinahfrom Kuala Lumpur as part of its new partnership with Saudi tech-based investment arm Taibah Valley, the company said on social media platform X yesterday. The agreement falls under Taibah’s plans to become a catalyst for startups. Founded in 2022 by Malaysian influencer Noor Neloofa, the all-in-one platform brands itself as the ultimate Muslim lifestyle app with features such as a Quran media player, an e-wallet, and access to medical insurance services.

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