INVESTMENT WATCH-

Merak Capital invests in SHIFT’s growth: Jeddah-based smart mobility solutions provider SHIFT will receive a SAR 310.8 mn (c. USD 82.8 mn) investment from Saudi Arabia’s Merak Capital, according to a statement.

The strategy: The investment should enable SHIFT to speed up the development and innovation of its smart solutions, ultimately improving efficiency, sustainability, and connectivity throughout the Kingdom’s mobility and logistics system, according to another statement.

About SHIFT: Established in 2017, SHIFT is a comprehensive platform specialized in tech-focused mobility solutions for products and customers. It operates in 57 Saudi cities and boasts a fleet of over 12k vehicles.

AGRICULTURE-

Hospitality and entertainment firm Al Hokair Group is looking at scaling up its investments in Egypt, Group Chairman Abdul Mohsen Al Hokair said during a meeting with Egypt’s Agriculture and Land Reclamation Minister Alaa Farouk, according to an Egyptian cabinet statement.

FINTECH-

Fintech solutions provider TPS Worldwide partnered with Saudi AstroLabs to introduce its services in the Kingdom, according to a press release. TPS provides banks and fintechs with services like wallet management, card issuance, and digital banking applications, among others.

INS.-

Salama Cooperative Ins. has received approval from the Ins. Authority to renew its license for General ins. and Medical ins. activities, it said in a disclosure to Tadawul, The renewal takes effect on 26 February, 2025 and is valid for three years.

MANUFACTURING-

Aramco and China National Building Material Group have signed a five-year agreement to set up manufacturing facilities in the kingdom for wind turbine blades, hydrogen storage tanks, lower-carbon building materials, and energy storage, it said in a press release. The pair will also create a training and inspection center and joint tech development center.

What they said: “This agreement envisages a wide range of cooperation that has potential to positively contribute to low-carbon development, while supporting further strategic alignment between China and the Kingdom.”

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