REAL ESTATE-

Retal inks SAR 493 mn housing contract: Retal Urban Development signed a SAR 493 mn, 30-month contract with its 80%-owned subsidiary Building Construction Company to build 371 residential units and develop infrastructure in Riyadh’s Sidra district, according to a disclosure to Tadawul.

ICYMI- Remal Al Khobar Real Estate, a JV 50% owned by Retal Urban Development, signed a SAR 450 mn contract on Sunday with Specialized Construction Company, a 40%-owned JV of Retal. The 15-month contract covers finishing and MEP works for Retal Rise and Nobu Hotel and Restaurant in Al Khobar.

M&A WATCH-

Almarai terminated its indirect acquisition of Jordan’s Hammoudeh Food Industries as “the seller was not able to meet certain conditions precedent,” it said in a disclosure to Tadawul. The company said it remains open to future expansion plans to strengthen its regional presence.

BACKGROUND- Almarai’s subsidiary Teeba Investment for Developed Food Processing inked an agreement in October 2024 totake over the Jordan-based dairy producer Hammoudeh Food Industries for SAR 263 mn.

LOGISTICS-

Aramco’s Abqaiq oil facility to undergo engineering work: Aramco inked a SAR 257.5 mn contract with Kuwait’s Heavy Engineering Industries and Ship-building Company (HEISCO) for civil and mechanical work at Abqaiq oil facility, according to a statement on Boursa Kuwait. The project — which aims to enhance production efficiency — is set to be completed within 865 days.

The players: The Kingdom’s branch of Engineering for the Petroleum & Process Industries Company is the main contractor for the project, while Kuwait’s HEISCO will handle the civil and mechanical works for the later-scope stage of the project, the statement adds.

FINTECH-

Global payment services provider Checkout.com will integrate Tabby’s BNPL technology into its digital payments solutions under a partnership between the two firms, it said in a post on LinkedIn. The move aims to provide merchants with advanced tools to meet the growing demand for seamless and flexible payment options.

REMEMBER- Tabby is planning to IPO during this year or the next, but is yet to specify whether it will list on Tadawul’s main market or Nomu and the size of the stake it plans to take to market. The BNPL platform is also looking to relocate its HQ to the Kingdom from the UAE ahead of the IPO.

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