REAL ESTATE-

NHC partners with K. Hovnanian Homes: The National Housing Company (NHC) signed an agreement with US-based real estate developer K. Hovnanian Homes to develop residential and commercial projects in its urban areas, state news agency SPA reports. Signed at the Saudi-US Investment Forum, the agreement will see K. Hovnanian bring its experience to help deliver quality housing and commercial spaces in the Kingdom.

ICYMI- NHC sold over 16k housing units worth nearly SAR 15 bn during the first four months of 2025, a 101% increase from the same period last year.

ARTS-

The Saudi Film Commission is building Jax Film Studios in Riyadh, set to open later this year in an undisclosed “strategic location” in the capital city, state news agency SPA reports. The studios will extend over 7k sqm, featuring two 1.5k sqm sound stages, a virtual production unit, a private cinema, meeting rooms, and a VIP lounge, all equipped with advanced screen technology from Sony. The commission shared these plans during the 78th Cannes Film Festival, where they are currently showcasing Saudi cinema.

The Kingdom wants to be a silver-screen powerhouse: Saudi Arabia launched the Saudi Film Fund — the Kingdom’s first investment fund dedicated to cinema — in February in a bid to grow a local film industry and production infrastructure, as well as support content reflecting Saudi culture and values. Managed by Mefic Capital in collaboration with Roaa Media Ventures, the USD 100 mn fund is 40% owned by the state-owned Cultural Development Fund.

STARTUP WATCH-

Aramco-backed VC fund Prosperity7 participated in a USD 100 mn funding round for Las Vegas-based AI infrastructure startup TensorWave, according to a press release. Magnetar Capital, AMD Ventures, Maverick Silicon, and Nexus Venture Partners also participated in the round.

About TensorWave: Founded in 2023, TensorWave builds data centers primarily with AMD chips and currently operates an AI training cluster with over 8k AMD GPUs. The startup plans to use the fresh funding to expand its GPU clusters and team.

FINANCIAL SERVICES-

Consultancy firm Mahlan will now be able to operate as a securities advisor, after it received the green light from the Capital Market Authority (CMA), according to a statement from the CMA. The firm offers services in the fields of wealth management, investment planning, retirement solutions, and M&As.

MARITIME-

PIF-owned Folk Maritime added three new container vessels to its fleet, set for deployment starting June 2025, to serve routes along the Red Sea, Arabian Gulf, and Indian subcontinent, it said in a statement. The new vessels – M/V Folk Dammam (1,868 TEIJs), M/V Folk Yanbu (702 TEIJs), and M/V Folk Jubail (1,118 TEUs) – are all registered under the Saudi flag at Jeddah Islamic Port.

REMEMBER- Folk Maritime is lining up a multi-mn USD fleet expansion with plans to buy or charter 15-18 container ships in the next three to five years to increase access for the Kingdom’s smaller ports and alleviate demand for road transportation. Recent additions to the fleet include the 2k TEU Folk Jazan in April and the 1,868 TEU Folk Jeddah in September.

TRANSPORT-

NHC’s Balady launches the Balady+ smart city app: Balady, an NHC Innovation subsidiary, launched the Balady+ app (Google Play, App Store), which features an interactive 3D map with real-time information on roads, locations, and services across the Kingdom, state news agency SPA reports. The app also offers indoor navigation within commercial centers and issues alerts for speed bumps, obstacles, and road closures by integrating data from both government agencies and the local community.

REMEMBER- In January, the NHC launched its new digital arm, NHC Innovation, to manage its 10 digital platforms serving 20 mn users and handling 500 mn operations per year, with SAR 250 bn in financial transactions in 2024.

FOOD-

The General Food Security Authority (GFSA) issued its third wheat import tender for 2025, seeking 655k tons to be delivered between August and October, state news agency SPA reports. The shipments will arrive on board 11 vessels split between the ports of Jeddah, Yanbu, Dammam, and Jazan. The move aims to maintain the kingdom’s wheat stockpiles and meet the needs of local flour mills.

ICYMI- GFSA completed its first 2025 wheat tender in February, procuring some 920k tons on 15 shipments expected to arrive over this month and the next.

MANUFACTURING-

Al Watania for Industries inked a JV agreement with China’s Donghexin Group to build the first tinplate manufacturing plant in the region, situated in Ras Al Khair Industrial City, it said in a press release.

The details: The plant is slated to begin operations by mid-2027, seeking to produce an annual capacity of 400k tons — split equally between local and export markets. The project is also anticipated to create over 500 direct jobs and aims to localize the packaging sector’s supply chain to meet the increasing demand for metal packaging solutions in the region.

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