M&A WATCH-

Nomu-listed HR advisory Tharwah signed a binding agreement to acquire 100% of Amjad Watan for Exhibitions and Conferences for SAR 40 mn, in a push to tap into the domestic fast-growing exhibitions and events sector, according to a statement.

We heard of the transaction in December when Tharwah signed an MoU to buy 49% of Amjad Watan, which was later bumped up to a full takeover in February. Tharwah tapped Mekyal Financial Technologies as a financial advisor on the transaction.

Tharwah will pay SAR 7 mn in cash and issue 632k new shares valued at SAR 33 mn to Amjad Watan’s owner. Some of the shares will be awarded once the transaction wraps up, while the remainder will be part of an earn-out clause. Current shareholders will see their stake in Altharwah fall to 88.15%, while Amjad Watan’s seller will take the remaining 11.85%.

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TRANSPORT-

Riyadh Metro opened two new stations on its orange line (Line 3), according to a post on X from Riyadh public transport. The 40.7 km line — which runs from the Madinah Road axis to Prince Saad bin Abdulrahman I Road — now includes the Railway Station and the Jarir District Station, the Saudi Gazette added.

REMEMBER- The orange line saw four new stations opening up last January including Dharat Al Badiah, Al Jarradiyah, Al Hilla, and First Industrial City.

REAL ESTATE-

#1- Roshn partners with Ajdan Real Estate in Makkah’s Al Manar project: PIF-backed developer Roshn signed an agreement with Ajdan Real Estate Development Company to develop 113 residential units in the 32.9k sqm Al Manar residential community, it said in a post on LinkedIn. No investment ticket or timeline details were disclosed.

BACKGROUND- Roshn broke ground on the Al Manar community lastDecember. The project — its first mixed-use development in Makkah — is set to feature 33k homes and over 150 amenities upon completion.

REMEMBER- Roshn signed a separate agreement with National Housing Company to give Sakani beneficiaries an avenue to own residential units in the Al Manar community during the Cityscape Global conference in November.

#2- Al Shatea Real Estate Fund acquired a 15.6k sqm commercial plot in Jeddah’s Al Shate’a district for SAR 188 mn, to develop a mixed-use project with commercial, residential, office, and hospitality components, according to a disclosure to Tadawul. The announcement was disclosed by First Avenue for Real Estate Development – which holds a 15% stake in the fund — after it had received a notification from the fund’s manager SICO Capital.

ICYMI- First Avenue sold the La Perle East project in Al-Shatea district last February to La Perle Real Estate Fund for SAR 160 mn, including First Avenue recovering a SAR 90 mn down payment and an increased stake in the fund to 44% following the transfer.

OIL AND GAS-

Saudi Aramco agreed to extend by three years a standing Long-Term Agreement (LTA) with McDermott, according to a statement. Under the extended agreement, the Texas-based engineering company will continue to support both brownfield and greenfield projects managed by Saudi offshore assets, and complete the construction of the Safira Fabrication Yard while investing in local workforce development.

ALSO- Aramco renewed its LTA with Saipem through 2027, enabling the Milan-based contractor to bid for new contract release purchase orders (CRPO) to develop and maintain offshore fields in the Kingdom, according to a separate statement. The Italian multinational oilfield services company stated that future contracts will be carried out by a consortium led by Saipem-subsidiary Snamprogetti Saudi Arabia and Saipem Taqa Al-Rushaid Fabricators (STAR), maximizing the use of the company’s fabrication yard in Dammam.

REMEMBER-Under its LTA with Aramco, Saipem was awarded a c. USD 2 bn contract to develop the Marjan oil field, and another two contracts worth a combined USD 1 bn for EPC works at Marjan oil and gas field, Zuluf oil field, and Safaniya oil fields in September.

DISPUTE WATCH-

MRNA to sue ex-executive: Morabaha Marina Financing (MRNA) ’s shareholders authorized its BoD last Tuesday to file a liability lawsuit against its former Executive Managing Director Waleed Al Ghumlas, the company said in a disclosure to Tadawul.

Al Ghumlas stepped down from his executive role in December 2023, but stayed as a board member. The company dismissed him in August 2024, citing a violation of internal rules, according to Arqaam.

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