DEBT WATCH-

Moody’s upgraded PIF’s Saudi Real Estate Refinance Company’s (SRC) long-term issuer rating to A1, from A2, and downgraded the outlook to stable from positive, according to a statement (pdf). The upgrade comes on the back of the rating upgrade of Src’s parent company to Aa3 with a stable outlook . It was also driven by Src’s solid asset quality and strong capitalization.

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M&A WATCH-

Neo Space Group to acquire UP42: PIF-owned commercial space services provider NeoSpace Group has entered a definitive agreement with Airbus Defense and Space to acquire its earth observation digital platform, UP42, according to a press release. No further information was disclosed.

About UP42: Launched by Airbus in 2019 in Germany, the platform derives insights from geospatial data via a cloud-based platform. Its earth observation digital platform provides customers access to data and analytics from over 80 geospatial companies, making it easy to source and manage data from multiple providers through one interface.

TRADE-

#1- New anti-dumping measures placed on imports from China, Russia: Saudi Arabia imposed anti-dumping tariffs on Russian and Chinese imports of Sulphonated Naphthalene Formaldehyde — a water reducing agent used in concrete mixing — to protect Saudi businesses from unfair trade practices after several complaints were received from the domestic industry, according to a statement from the General Authority of Foreign Trade. The tariffs will range from 18.12% to 34%, effective 3 December, and they will be in place for five years.

#2- The Islamic Development Bank to offer support for Malaysian, Algerian exporters: The Jeddah-based Islamic Corporation for the Ins. of Investment and Export Credit (ICIEC), the Islamic Development Bank’s ins. arm, signed two agreements in Algeria to mitigate risks undertaken by Malaysian and Algerian exporters.

The agreements: The ICIEC signed a strategic Quota Share Retakaful Agreement with Bank of Malaysia Berhad (MEXIM) to offer Export Trade Credit Risk Takaful to Malaysian exporters, according to a statement. It also signed another agreement with the Algerian Ins. and Export Guarantee Company (CAGEX) to offer comprehensive reins. solutions for Algerian exporters and boost CAGEX’s capacity to underwrite larger volumes of export credit ins, according to a separate statement.

AVIATION-

Saudi Arabia and Lithuania signed an agreement to implement a regulatory framework for air travel between the two countries and support the Kingdom’s expansion targets in the aviation sector, which include boosting its national carriers’ network to reach 250 destinations by 2030, state news agency SPA reports.

REAL ESTATE-

The Saudi Real Estate Development Fund rolled out an early repayment program offering up to 24% reductions on mortgage loans taken before 2017, state news agency SPA reports. To qualify for the program, eligible borrowers will be required to pay back the remainder due amount of the loan in full or pay a minimum of one-year installments. Borrowers with overdue payments won’t be eligible for the program.

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