REAL ESTATE-

Remal Al Khobar inks SAR 450 mn contract for Nobu Hotel and restaurant + Retal Rise: Remal Al Khobar Real Estate, a 50%-owned JV of RetalUrban Development, signed a SAR 450 mn, 15-month contract with the Specialized Construction Company (SPCC), a 40%-owned JV of Retal, to handle the finishing and MEP works for Retal Rise and Nobu Hotel and restaurant in Al Khobar, Retail said in a disclosure to Tadawul.

About the projects: The Retal Rise project features 129 residential units, while the Nobu Hotel features 101 rooms and 62 residential units, along with a Nobu restaurant and cafe, all overlooking Al Khobar Corniche.

SPORTS-

Armah Sports taps Gulf Architects to build two B_Fit clubs in Riyadh: Gulf Architects forContracting agreed to build two B_Fit gyms in Riyadh’s Munsiyah district for ArmahSports under a SAR 51.5 mn contract, the fitness centers operator said in a disclosure to Tadawul. Construction will be executed over 14 months, with payments set to be made in monthly installments based on work progress.

Not the first time: Armah Sports signed a 22-year, SAR 19.7 mn land lease agreement worth SAR 19.7 mn in February 2024 to secure a plot on Makkah road in Riyadh’s Al Hada to operate a B_Fit sports club.

CAPITAL MARKETS-

SNB Capital secured approval to act as a market maker for Buraidah-based pipes maker Alwasail Industrial starting today, according to a Tadawul disclosure. SNB Capital will maintain a minimum order presence of 50%, a minimum order size of SAR 50k, and a maximum bid-ask spread of 5%.

IN CONTEXT- The Nomu-listed pipe manufacturer withdrew its application in August to move up to Tadawul’s main market, citing failure to meet requirements after submitting a request in June. The company said it plans to reapply in the future.

REGULATION WATCH-

Six companies secured a Tier 1 Managed Cybersecurity Operations Center (MSOC) Services License from the National Cybersecurity Authority, according to a statement released yesterday. The newly licensed providers include PIF’s wholly owned Saudi IT company (Site), stc’s sirar, Haboob, Aramco Digital’s Cyberani, Riyadh-based Technology Control Company, and Saudi Arabian Military Industries Advanced Electronics (SAMI-AEC).

About the license: The license is designed for large-scale service providers managing critical cybersecurity operations for government and private sector entities, including managing critical national infrastructure. License holders must have a minimum capital of SAR 50 mn, operate 24/7 Security Operations Centers (SOCs), and meet strict technical and staffing requirements.

DEBT WATCH-

Environment Fund + Kafalah partner up to back SMEs loans for green projects: The Environment Fund signed an agreement with the Small and Medium Enterprise Loan Guarantee Program (Kafalah) to launch a loan guarantee product to help SMEs secure needed loans for their local environmental projects, the Saudi Gazette reports, citing Environment Minister Abdulrahman bin Abdulmohsen Al Fadhly. The move aims to back the national environment strategy.

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