FINTECH-

UIHC to set up a new fintech company for payroll services: United International Holding (UIHC) — owner and operator of the Tas’heel brand name — signed an MoU with Egypt-based fintech company Nowpay to set up a company to provide payroll administration and processing services in the Kingdom, it said in a disclosure to Tadawul. The new company will have an initial investment ticket of SAR 75 mn, and will be majority owned by UIHC (75%) while Nowpay holds the balance.

REMEMBER- UIHC tapped Vice Chairman Mohammed Galal Ali Fahmy (LinkedIn) as its acting CEO last month, following the passing of former CEO Sakhr Abdulrahman Mohammed Al Mulhem earlier in December.

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RENEWABLES-

Acwa Power’s 1.1 GW wind farm in Egypt gets the gov’t go-ahead: Homegrown renewables giant Acwa Power and Egypt’s Hassan Allam Utilities received approvals from the Egyptian government to establish their planned 1.1 GW wind farm in the Gulf of Suez, a government source told Enterprise. The project is set to be delivered under a build-own-operate (BOO) framework.

The details: The first of the project’s two phases will see the firms establish 550 MW worth of capacity in Ras Shukeir, with the second phases set to see an additional 550 MW installed in Ras Ghareb. Each phase is expected to take a year to complete, with Acwa holding a 70% stake in the project and Hassan Allam the remaining 30%. When operational, the project is expected to offset 2.2 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households.

ICYMI: The European Bank for Reconstruction and Development (EBRD) last month approved a USD 275 mn syndicated loan for the project, with the companies reportedly set to secure close to USD 900 mn in financing by the close of 2024.

DEBT-

Tal Finance lands debt-based crowdfunding license: Fintech firm Tal Finance secured a license from the Saudi Central Bank (Sama) to provide debt-based crowdfunding services, according to a statement from Sama.

Remember- Sama updated its debt-based crowdfunding regulations in October in a bid to boost debt crowdfunding in the Kingdom.

INFRASTRUCTURE-

The National Water Company broke ground on SAR 1.6 bn water supply projects in Makkah, it said in a statement. The projects include installing main water lines to serve 16 districts, or some 3 mn residents yearly.

M&A WATCH-

Lana Medical finalized the acquisition of a 50% stake in Emirati medical device manufacturer WavelightTechnologies after squaring away all the required procedures, it said in a filing to Tadawul. The purchase was financed via Lana Medical’s internal company resources and comes in a bid to expand the firm’s regional partnerships and increase market share. The transaction was valued at no more than 5% of Lana Medical’s revenue in 2023, which amounts to SAR 2.4 mn based on our math.

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