INFRASTRUCTURE-

PIF-backed developer Diriyah Company inaugurated two power transmission stations in the Diriyah governorate with a total cost of SAR 682 mn, state news agency SPA reports. The stations will act as the primary power sources for cultural and heritage projects in Diriyah and Wadi Safar, and they will be operated by the Saudi Electricity Company.

INVESTMENT WATCH-

Thimar Development Holding is setting up a SAR 100 mn private equity investment fund to acquire a 70% stake in Jiyad Al Ezz Company, which operates in Makkah’s livestock and slaughterhouse markets, according to a disclosure to Tadawul. Rasana Financial Company was appointed fund manager and financial advisor to Thimar.

The details: The fund’s initial duration is seven years, which can be extended up to two additional years. It plans to raise its capital via private placement in exchange for issuing 100k units at SAR 1k apiece. Thimar’s contribution to the fund will not exceed SAR 30 mn and will depend on the final fund size. The fund must meet a minimum capital requirement of SAR 20 mn.

AUTOMOTIVE-

PIF-backed luxury EV-maker Lucid exceeded expectations in 4Q, with vehicle deliveries growing 78% y-o-y to 3.1k vehicles, Reuters reports. Production surged 42% to 3.4k vehicles during the quarter. Lucid is scheduled to release its 4Q results on Tuesday, 25 February.

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