ENERGY-

UAE-based NMDC Energy extended its long-term partnership with Aramco to provide engineering services to the Saudi oil giant, according to a press release. Under the agreement, NMDC Energy will provide services including detailed engineering, material procurement, fabrication, transportation, installation, and pre-commissioning of offshore facilities for projects in Saudi Arabia’s territorial waters.

BACKGROUND- Aramco inked a long-term partnership with NMDC Energy, opening the door to the engineering company to be involved in several projects. Within that framework, the NMDC Offshore fabrication yard in Ras Al Khair agreed to offer maritime engineering, equipment, material manufacturing, and fabrication services in January.

INS.-

Saudi Reins.Company(Saudi Re) announced that Moody's upgraded its Ins. Financial Strength Rating (IFSR) to A2 from A3, with a stable outlook, it said in a disclosure to Tadawul. The upgrade reflects more robust business and financial foundations after the PIF acquired a significant minority stake in the company.

Stable outlook: Saudi Re is also expected to benefit from new local ins. regulations and broader economic growth and diversification in the Kingdom. Moody’s noted that Saudi Re’s profitability should stay healthy over the next year or so, aided by good underwriting performance and strong investment returns.

REMEMBER- Saudi Re received CMA’s approval for a SAR 427.7 mn capital hike lastNovember, which was snapped up by the PIF in exchange for a 23.1% stake.

AVIATION-

Swissport gains Saudi license: Swissport was awarded an economic license by the General Authority of Civil Aviation to offer ground handling services at seven airports across the Kingdom, the authority said in a post on X.

ICYMI- Back in November 2023, Asyad Holding Group acquired a 49% stake in Swissport International's Saudi division, which first entered the Saudi market in 2016, offering cargo handling and airport ground services.

REAL ESTATE

Egypt-based Al Ahly Sabbour subsidiary Grande-Sabbour signed a cooperation agreement with Sarat Investments to develop real estate projects across the Kingdom, according to a statement (pdf). Under the agreement, Grande-Sabbour will act as the company’s real estate arm in Saudi Arabia and develop projects in Jeddah, Riyadh, and Medina.

What they said: “This agreement deepens our footprint in the Saudi market, a promising market with numerous growth opportunities that will contribute to stimulating economic growth in the Kingdom and the region as a whole,” said Al Ahly Sabbour Chairman Ahmed Sabbour.

STARTUP WATCH-

Riyadh-based Jaree is officially live, connecting early-stage funding-seeking Saudi-based startups with venture capital from accredited investors, syndicates, and family offices, according to a press release. Founded by AlNaji and Noura AlNahedh (LinkedIn), Jaree was launched last January to with a goal help startups secure funding while easing investor access to promising ventures.

M&A WATCH-

ThimarDevelopment Holding signed a SAR 9 mn agreement to buy 26% of the Yamama Plus Serviced Apartments Company, it said in a disclosure to Tadawul. The acquisition will be settled through an in-kind consideration valued at SAR 7.6 mn, while the remaining SAR 1.4 mn will be paid in banknotes following its planned capital increase. Thimar has an exit option after three years at a minimum of SAR 15 mn — representing a minimum annual yield of 22%.

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