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M&A WATCH-
Al Baha closes in on Elegant Centers acquisition: Al Baha Investment andDevelopment signed an MoU with subsidiary Elegant Centers to acquire 13.06% of Elegant Centers, making Al Baha its sole owner, according to a disclosure to Tadawul. The two sides signed the agreement after Al Baha completed the due diligence process. The transaction is valued at SAR 19.6 mn.
REAL ESTATE-
Egyptian real estate developer Palm Hills Development has set up a Saudi branch and appointed Aldar Properties-owned SODIC’s former managing director Magued Sherif (LinkedIn) as its CEO, it said in an EGX disclosure (pdf).
Other Egyptian developers have also made their way to the Kingdom, including real estate giant Talaat Moustafa Group (TMG), which in May launched a smart residential development in Riyadh. The project has hit SAR 3.3 bn in sales since its launch.
AVIATION-
National carrier Saudia will operate four weekly flights between Medan in Indonesia and both Jeddah and Madinah starting Saturday, 31 August, it said in a statement. Indonesia has the largest Muslim population in the world, making the case for Saudia to double down on its presence there, to serve pilgrims.
DEBT WATCH-
Food maker Wafrah for Industry and Development has obtained SAR 50 mn one-year credit facilities from Saudi National Bank, it said in a disclosure to Tadawul. The credit facility is earmarked for financing the company’s credit lines, invoices, and working capital.
STARTUP WATCH-
A new Saudi-Chinese media accelerator in town: The Saudi Media Academy has launched a new media startup accelerator program in collaboration with eWTP Arabia, Saudi Cloud Computing Company (Alibaba Cloud Saudi), and China’s Fujian Youth Federation, state-owned news agency SPA reported. The initiative aims to support entrepreneurs working in the media sector by offering resources and mentorship covering the use of AI in media, digital content creation, data science, and interactive media.
INFRASTRUCTURE-
The National Water Company has broken ground on 17 projects in the Eastern Province costing a combined SAR 2.2 bn, state news agency SPA reported. The projects include water treatment plants, pumping stations, and sanitation infrastructure in Al Khobar, Al Ahsa, Al Khafji, Al Jubail, Al Qatif, Dammam, and Qaryat Al Ulya.
