M&A WATCH-

#1- Saudi-based meal subscription startup Calo made its first move outside the Gulf by snapping up two UK meal delivery brands — Fresh Fitness Food and Detox Kitchen, according to Waya reports. There’s no publicly available information about the size of the transactions.

The acquisitions build on Calo’s growing footprint in the Kingdom, the UAE, Bahrain, Qatar, and Kuwait, and comes on the heels of a USD 25 mn Series B raise last December. Detox Kitchen is already integrated into the Calo family, and Fresh Fitness Food will join later this month.

Next up: the company is eyeing Europe and the U.S., with plans for an IPO here at home by 2027.

#2- Tadawul-listed Walaa ins. inches closer to acquiring 88% of Dubai-based AspireUnderwriting Agency for SAR 68 mn after it had lined up approval from the Ins. Authority, it said in a filing to Tadawul. The transaction, which is still pending approval from the Dubai Financial Services Authority, is part of Walaa’s strategy to expand its inbound reins. footprint.

DEBT WATCH-

CMA approves Al Rajhi’s SAR 10 bn debt issuance: The Capital Market Authority approved Al Rajhi Banking and Investment Corporation’s request to issue debt instruments worth up to SAR 10 bn under a public program, according to a statement. The approval is valid for six months, and the first issuance must be listed within this period for the approval to remain in effect.

REFRESHER- Moody’s affirmed Al Rajhi Takaful’s Ins. Financial Strength Rating (IFSR) of A3 with a stable outlook this week, based on a strong market position, steady good profits, and low reserve risk.

MANUFACTURING-

Ajyal partners with Iraqi gov’t to launch silica hub in Al Anbar: Ajyal Company signed an agreement with the Iraqi state-owned State Company for Glass and Refractories Industry to build a large industrial complex in Al Anbar focused on silica-based manufacturing, according to Iraq’s Industry and Mineral Resources Ministry statement.

The project will use locally sourced silica to produce items like flat glass, ceramics, bottles, and electrical insulators. No details about the investment value or production scale were disclosed.

FINANCING-

The Saudi Central Bank (Sama) licensed Nayla Finance to offer microfinance services, according to a statement. The move brings the total number of licensed companies to seven, and the total number of licensed finance companies in the Kingdom to 66.

Tags: