TOURISM-

IHG plans 29 hotels in Saudi: Global hospitality player Intercontinental Hotel Group (IHG) plans to open 29 new hotels in the Kingdom after adding 3.2k keys across 5 new hotels to their portfolio here last year, IHG CEO Elie Maalouf told Asharq Al Awsat in an interview earlier this week. He did not provide a timeline, but said the planned new hotels will feature 10.3k hotel rooms.

A lot of interest from the IHG here: IHG is set to open its 212-key luxury brand Kimpton Riyadh in June under an agreement with PIF-subsidiary KAFD DMC. It is set to bring its hotel brand Voco & Suites to Jeddah, with the 110-key hotel set to open in September 2024 as part of a management agreement signed with Dubai-based investment firm Rusd Capital. Its pipeline includes two hotels in King Abdullah Financial District (KAFD) in 2027 under a management agreement signed with KAFD DMC earlier this month.

STARTUP WATCH-

Jordan-based fintech startup Numa announced a “strategic investment” with our friends at Visa to help it accelerate expansion in several regional markets, including Saudi and UAE, according to a statement earlier this week. The “Partner for Growth Agreement” signed with the global digital payments provider aims to support the freelance market by bridging the financial services gap through a number of its tailored solutions, including virtual IBANs and prepaid cards.

About Numa: Founded in 2021, Numa focuses on providing digital finance solutions for freelancers and microbusinesses, such as virtual IBANs and prepaid cards. They also have a growth platform which works to guide freelancers to launch their careers and businesses.

DEBT WATCH-

#1- Tadawul-listed National Building and Marketing renewed a credit facility with Riyad Bank worth SAR 190 mn to finance its working capital needs, it said in a disclosure to Tadawul. The Shariah-compliant banking facility is valid for 6 to 18 months. The agreement will also see the Tawreeq agreement with the construction supplier with the lender increase to SAR 50 mn, up from SAR 20 mn.

#2- Saudi Lime Industries renewed a Shariah-compliant credit facility agreement worth SAR 140 mn with Arab National Bank (ANB), it said in a disclosure to Tadawul yesterday. The funds will help support the limestone producer’s strategic plans, including expansion and investments.

FINANCIAL SERVICES-

Arat Capital is now licensed to provide fintech services in issuing and investing in debt instruments after receiving a license from the Capital Market Authority (CMA), according to a statement earlier this week.

CAPITAL MARKETS-

Khwarizmi Capital is now licensed to manage securities investments after receiving a license from the Capital Market Authority (CMA), according to a statement earlier this week.

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