Saudi Edition 
Egypt Edition 
UAE Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
M&A WATCH-
#1- Riyadh Development Company (Ardco) exited the JV Tanal for Development and Real Estate Investment, after signing a waiver agreement to transfer its capital share (69.4%) to Sumou Holding, according to a disclosure to Tadawul. In exchange, Ardco retrieved its share in Tanal’s capital (SAR 69.4k) in addition to SAR 20.8k in statutory reserves after collecting some SAR 819 mn in profits during the partnership.
About Tanal for Development and Real Estate Development: The JV was established with a capital of SAR 100k in 2019 as a Special Purpose Vehicle to invest in the infrastructure development of a 3 mn sqm land plot in Al Rimal district in Riyadh.
#2- Intelligent Oud (iOud) signed a six-month, non-binding MoU with Afaq Food Fund to acquire Thannah Trading via a share swap on Saturday, it said in a disclosure to Tadawul. The Nomu-listed fragrance manufacturer and the Afaq Financial Company managed investment fund agreed to tap Amwal Financial as a financial advisor and lead manager for a transaction that aims to expand the presence of iOud in the hospitality sector. No further details of the acquisition were disclosed.
DISPUTE WATCH-
Al Baha files for SAR 100 mn recovery against ex-board members: Al Baha Investment and Development has filed a SAR 100 mn compensation claim with the Capital Market Authority and the Securities Disputes Resolution Committee against former board members who served between February 2010 and February 2013, over a disputed asset sale that led to financial losses and a stock suspension for Al Baha, it said in a disclosure to Tadawul. The recovery includes the reversal of a SAR 84 mn provision and SAR 16 mn in damages. Legal outcomes remain uncertain at this time.
DATA-
Saudi Statistician program re-launched for second edition, the General Authority for Statistics (Gastat) said in a statement. The initiative aims to fund talented Saudis for higher studies in statistics, applied statistics, and data science at top international universities. Accepted candidates will have basic training in statistical programming and personal and technical skills then undergo a job rotation before moving on to academic scholarships.
