Merck is the latest to move its regional headquarters to Riyadh. PLUS: Manufacturing, Telecoms, Energy, Tech

RELOCATION-

German pharma player Merck moves regional HQ to Riyadh: German drugs and chemicals group Merck Group opened its new regional headquarters in Riyadh as its Middle East and North Africa hub, state news agency SPA reported. Merck Group Managing Director Yaser Alhagan said the relocation aims to support its expansion strategy in the region.

ENTERTAINMENT-

Magic Land Al Hokair will invest EGP 1.1 bn to set up Egypt’s first and largest integrated entertainment project, according to a statement (pdf). The Tanza project, which spans 250k sqm in Egypt’s 6 October, will be home to seven entertainment zones with vast green spaces. It is being built with the Egyptian Media Production City (EMPC) on a usufruct basis. Magic Land Al Hokair is a Saudi-Egyptian company owned by local Al Hokair Group, EMPC and Egypt’s Al Kayan Developments. It was formed to renovate and operate the EMPC’s renowned Magic Land.

TELECOMS-

Telecoms operator STC has inked agreements with four global technology and smartphone companies as the PIF-backed giant looks to strengthen its position in the innovation front of the tech industry, it said in a press release. This was on the sidelines of the four-day Mobile World Congress in Barcelona which wrapped up on Thursday, 29 February.

The agreements in a nutshell: The MoUs will see STC work with IBM Middle East on upgrades for fault management systems, with China Mobile International on boosting IoT connectivity services in the region, with Huawei on accelerating growth in the devices business and with Samsung on upping their collaboration in sectors of consumer electronics and services.

HEALTHCARE-

Equipment House + Health Ministry: The healthcare provider has received approval from the Health Ministry for a six-months extension to the contract for equipment servicing of 5 hospitals in Jazan region, it said in a filing to Tadawul. This will add SAR 9 mn to the contract’s initial value of SAR 90 mn. The extension ends on Saturday, 31 August.

CHEMICALS-

Jubail Chemicals has amended its contract with a consortium made up of GreenDimension and Confident Engineering for the treatment of wastewater produced from its calcium chloride and epoxy resin factory, it said in a filing to Tadawul. The tweaks saw the contract value increase by 26% to SAR 71 mn. Jubail has secured a 5-year financing agreement for the project which is due to be completed in early August 2025, with construction work set to kick off on Sunday, 10 March. The project is expected to save Jubail SAR 27 mn in annual operational costs.

TECH-

Sure Global Tech secured a SAR 16.3 mn contract from the Commerce Ministry to develop systems aimed at tracking the movement of products and goods in the market, it said in a disclosure to Tadawul. The contract runs for 24 months.

STARTUP-

Startup accelerator Falak Investment Hub concluded with Standard Chartered Bank the second ‘SC Women In Tech Program’ cohort, Falak said in a post on X last week. The cohort saw nine female tech entrepreneurs completing an eight-week accelerator program, with top three finalists receiving grants of USD 50k.

EDUCATION-

The Education Ministry has joined the Global Partnership for Education (GPE)after signing a formal contribution agreement worth USD 38, a statement by the GPE read last week. The partnership will focus on supporting education in lower-income countries. The GPE “is the largest global fund solely dedicated to transforming education in lower-income countries,” according to its website.