DEBT WATCH-

#1- Perfect Presentation for Commercial Services (2P) renewed a SAR 265 mn shariah-compliant bank facility with Al Rajhi Bank to support newly awarded projects, including the issuance of letters of guarantee, letters of credit, and invoice financing, it said in a disclosure to Tadawul. The facility — valid until 30 May 2026 — is backed by promissory notes covering the full credit limit.

ICYMI- 2P increased and renewed a shariah-compliant loan with Bank AlJazira for a total of SAR 150 mn, backed by a promissory note and valid until January 2026, to support newly awarded projects through the issuance of letters of guarantee, credit and invoice financing.

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#2- Knowledge Economic City (KEC) secured a SAR 150 mn shariah-compliant corporate financing facility from Al Rajhi Bank, it said in a disclosure to Tadawul. The four-year facility, backed by land mortgages and promissory notes, will finance working capital and support growth initiatives.

ICYMI- KEC lined up a four and a half-year SAR 150 mn facility from the Saudi Investment Bank in March — also guaranteed by land mortgages and promissory notes — to finance working capital needs.

MARITIME-

Fincantieri + SRSA mull partnership on Red Sea cruise vessel and port development: Shipbuilding giant Fincantieri has signed an MoU with the Saudi Red Sea Authority (SRSA) on Thursday to explore maritime development, cruise vessel construction, and tourism and port infrastructure projects in the Red Sea region via its subsidiary Fincantieri Arabia for Naval Services, according to a press release.

The potential developments will be managed by Fincantieri’s subsidiary, Fincantieri Arabia for Naval Services, which recently inaugurated new Riyadh offices to support upcoming civilian and defense projects.

OIL WATCH-

Aramco Trading to supply naphtha to Malaysia’s Lotte Chemical Titan: Lotte Chemical Titan inked a three-year contract with Aramco Trading Singapore — a Saudi Aramco subsidiary — to purchase some 300k to 400k tons of naphtha annually at market prices over the period July 2025 — June 2028, it said in a statement to the Malaysia Stock Exchange last Friday.

TECH-

Binance Academy + Gulf colleges + Riyadh Chamber push blockchain education: The blockchain and cryptocurrency education platform Binance Academy partnered with Gulf Colleges and the Riyadh Chamber to roll out a nationwide blockchain education program in Saudi Arabia, aiming to boost digital literacy and technical capabilities across the Kingdom, according to a post on X.

The details: Binance Academy will co-develop course curriculum, training materials, and certification programs tailored to local needs, as part of a broader push to build a Saudi blockchain-ready workforce, Coin Edition quoted Binance CMO Rachel Conlan as saying during a workshop held in Riyadh.

TELECOMS-

RSG + Airsat to promote observation satellite solutions: Chinese high-resolution multi-mode Earth Observation (EO) satellite network operator AIRSAT Technology Group (Airsat) signed a strategic partnership with Riyadh-based multidisciplinary tech company Rock Solid Group (RSG) to expand its satellite services across the public and private sectors, it said in a press release (pdf).

The nitty-gritty: The agreement will see RSG act as a local integrator for Airsat’s satellite services, targeting clients in the public and private sectors, and pushing plans focused on localized services, joint data analytics, value-added services, and long-term collaboration plans. The partnership is also considering opportunities for developing the regional ecosystem through education, training, and investments.

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