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REGULATION WATCH-
The Justice Ministry launched Nafith, a unified code for attorney fees to regulate the lawyer-client relationship, the Saudi Gazette reports, citing Justice Minister Waleed Al Smani. The new platform is part of a larger framework of instruments, aiming to minimize disputes and promote contractual equity.
The details: The introduced unified contract covers a host of legal services, such as advice, court proceedings, and drafting of documents. The contract documents transactions, including payment of fees, exchanges of documents, and official notifications between parties. The agreement also secures the law firm’s entitlement to agreed-upon fees and the client’s right to reclaim their assets once fees are settled.
Part of a bigger plan: The Justice Ministry and the Saudi Bar Association announced a collaboration to reform the Kingdom’s law systems last December in a bid to empower lawyers and facilitate access to services. Key initiatives include simplifying processes through the creation of an automated process to renew lawyer licenses within 15 days.
RETAIL-
Cenomi to rebrand malls as Westfield: Cenomi Centers signed a 10-year franchise agreement — renewable for an additional 10 years — with France-based Unibail-Rodamco-Westfield to bring the Westfield brand to its shopping centers in the Kingdom, according to a press release.
The details: The agreement will see up to eight of Cenomi’s malls rebranded as Westfield centers, beginning with three major sites in Riyadh, Jeddah, and Dammam. While Cenomi will retain full ownership and operation of the malls, URW will support leasing, operations, marketing, and retail media as part of the agreement.
ENERGY-
Arabian Drilling has secured a 10-year contract extension with Aramco, valued at SAR 1.07 bn, to provide two fully staffed land rigs for drilling operations in the Kingdom, according to a disclosure to Tadawul. No further details were disclosed.
REMEMBER- Last November, the company locked in a SAR 290 mn, five-year extension for one of its land rigs with Aramco.
TECH-
Neom Investment Fund backs MemryX to advance edge AI infrastructure: Neom Investment Fund (NIF) made an undisclosed strategic investment in US-based edge AI semiconductor provider MemryX to accelerate the deployment of edge AI accelerators, essential to Neom’s digital infrastructure, according to a press release.
About the tech: The MX3, MemryX’s flagship AI accelerator, offers high-efficiency, low-latency performance with significantly lower power use than traditional GPUs, supporting edge applications like smart video, industrial systems, and autonomous infrastructure vital to Neom’s digital ecosystem.
M&A WATCH-
Walaa Ins. received approval from the Dubai Financial Services Authority (DFSA) to acquire 88% of Dubai-based Aspire Underwriting Agency, following an earlier clearance from the Kingdom’s Ins. Authority, according to a disclosure to Tadawul.
ICYMI- Tadawul-listed Walaa Ins. received the green light from the Ins. Authority earlier thismonth to move ahead with the acquisition, valued at SAR 68 mn.
