Saudi Edition 
Egypt Edition 
UAE Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
RETAIL-
eXtra will launch new electronics section at retailer Panda: United Electronics Company, best known as eXtra, signed a 10-year agreement with retail chain Panda to manage their electronics and home appliances department with a “store inside a store” named “Clix,” it said in a filing to Tadawul earlier this week. The plan, which was first announced earlier this year, will hit eXtra’s income statement starting in the first quarter of 2024.
M&A-
Saudi Enaya rejects UCA merger offer:Shareholders of Tadawul-listed Saudi EnayaCooperative Assurance have rejected a takeover bid by United Cooperative Assurance Company (UCA). Saudi Enaya last year rejected a takeover nid by Amana Cooperative Assurance. All three companies are listed on the Tadawul.
DEBT-
Jazadco secures loan from the ADF: Jazan Energy and Development Company (Jazadco) inked a two-year SAR 21 mn loan agreement with the Agricultural Development Fund (ADF), to finance working capital, it said in a disclosure to Tadawul earlier this week. The loan will finance working capital for Jazadco’s shrimp farm.
Shrimp farm project? Jazadco began its shrimp farming project in 2002 as part of a broader strategy to invest in aquaculture in Jazan — which is home to one of the richest fishery resources in the kingdom, according to its project description. The target shrimp production is 3.3k tons annually, with the facility home to 160 shrimp breeding ponds, and a processing plant with a processing capacity of 14 metric tons per day.
TOURISM-
UAE travel agency Musafir expands to KSA: UAE-based online travel agency Musafir has launched in Saudi Arabia as part of its expansion plans in the region, it said. It will “strategically target corporate clients, contributing to the kingdom’s burgeoning tourism and corporate travel sector,” Musafir said.
A booming tourism industry: Saudi tourism revenues more than tripled in the first quarter of 2023 to report SAR 37 bn as officials have opened the country to visitors. The Tourism Ministry has recently updated its target for total annual tourist trips to 150 mn by 2030, with an equal split between domestic and international travelers, according to earlier statements by Tourism Minister Ahmed Al Khateeb. The ministry wants to see the industry account for 10% of GDP by that year.
SPACE-
Saudi Space Agency joins global space climate monitoring charter: The Saudi Space Agency (SSA) joined France’s National Center for Space Studies (CNES) led Space-based Climate Monitoring Charter to address climate change by leveraging space technologies to mitigate the climate crisis, Okaz reported yesterday.
