CAPITAL MARKETS-

The Public Investment Fund invested USD 200 mn State Street Global Advisors’ newly-introduced Saudi-focused ETF, dubbed SPDR JPMorgan Saudi Arabia Aggregate Bond Ucits ETF, according to a press release. The ETF targets USD- and SAR-denominated government and quasi-government debt instruments, including sukuk. The Ireland-domiciled ETF has been registered for sale in Austria, Denmark, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden and the UK.

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M&A WATCH-

Shuaa offloads Saudi hospitality assets: Shuaa Capital sold its Saudi hospitality asset portfolio, managed by its subsidiary Shuaa Capital Saudi Arabia, to Sumou Holding for SAR 515 mn (c. AED 504 mn), according to a DFM disclosure (pdf). The portfolio comprises three hospitality assets in Riyadh, Jeddah, and Dammam.

What Shuaa stands to gain: Shuaa, which holds a 33% stake in the portfolio, expects to generate AED 19.6 mn in proceeds from the transaction, to be allocated toward reducing liabilities and strengthening its balance sheet, the statement reads.

TELECOM-

stc Group and Nokia completed the first-ever 1 terabit-per-second (Tbps) long haul field trial in the Middle East and Africa, according to a press release.

Why this matters: The new technology aims to boost the capacity of the region’s data center network, ramping up data transmission speeds over distances as long as 850 km. The partnership — which leveraged Nokia’s PSE-6s technology — also aims to facilitate the operation of data-heavy applications such as cloud services, and AI.

REAL ESTATE-

Retal to build 285 residential units in Riyadh: Retal Urban Development inked a SAR 374 mn contract with its subsidiary Building Construction Company to build 285 residential units in the Murcia Zone project in Riyadh’s Khozam district, according to a disclosure to Tadawul. The construction will be financed through existing facilities and off-plan sales proceeds and is expected to take 30 years.

AVIATION-

Flyadeal adds five new internal routes, gears up to add Pakistan flights: Budget carrier flyadeal launched five new domestic routes connecting Dammam to Tabuk, Najran, and Yanbu, and resuming flights to Amman, Jordan via Riyadh and Jeddah, according to a post on X. In addition, the airline is gearing up to launch its first route to Pakistan with two weekly flights to Karachi from Riyadh and Jeddah starting 2 February.

PIF-owned Riyadh Air awarded Catrion Catering Holding a five-year SAR 2.3 bn contract to supply catering, beverages, and auxiliary services for its domestic and international flights, the Kingdom’s second flag carrier said in a press release. Riyadh Air is set to kick off operations later this year.

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