INVESTMENT WATCH-

STV closes shariah-compliant investment fund: Saudi Technology Ventures (STV) closed its USD 100 mn STV Nice Fund I, which offers shariah-compliant non-dilutive capital to tech startups in Saudi Arabia, according to a statement. Launched on 30 April, the fund is backed by SAB Invest through its Alternative Financing Fund and supported by the National Technology Development Program (NTDP).

More details: The fund aims to help founders grow their businesses without giving up equity using an instrument called Non-Dilutive Investment in Callable Equity (Nice), all the while offering investors the chance to capitalize on tech ventures under a shariah-compliant framework. STV has already invested in companies like Morni, RedBox, and Invygo.

AVIATION-

Riyadh Air signed 11 agreements with travel and tech companies during the Arabian Travel Market in Dubai, Al Arabiya reports. The agreements focus on technology integration to cover sales, distribution, and digital loyalty tools, aiming to ease operations and booking with Riyadh Air across more than 125 countries.

New partners include Amadeus, Air Retailer, dnata, Sabre, TP Connects, Verteil Technologies, and Loyalty Juggernaut.

REGULATION WATCH-

The Real Estate General Authority approved a new guide for selling and leasing off-plan real estate projects, published in Umm Al Qura on 2 May, Argaam reports. The document provides guidance to real estate projects, developers, and other parties in 55 different scenarios, covering cases like application by private companies and individuals to the developers’ registry, changes and updates to a developer’s registry, and suspension or removal of registered developers.

REAL ESTATE-

The National Housing Company (NHC) opened interest registration for the Tabuk Valley 2 residential development, which spans 778k sqm and features 874 housing units, according to a statement. The project includes 38k sqm of green spaces with recreational areas, as well as essential services such as schools, a health center, mosques, and shopping centers

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