AUTOMOTIVE-

Autonomous driving tech firm WeRide is expanding into the Kingdom, initiating testing and deployment of its Robotaxis and other autonomous driving products in Riyadh and AlUla, it said in a press release. Robotaxi trial operations on Uber are set to begin in the coming months, with full commercial services expected later this year.

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AND- The Nasdaq-listed company has already started testing and deploying its Level-4 autonomous Robobuses in King Fahad Medical City, Aramco residential communities, AlUla, and the Ritz-Carlton, Riyadh. Its Robosweeper S1 has also been deployed at King Fahad Medical City, marking the first monetized autonomous sanitation project in the Middle East.

REMEMBER- Uber CEO Dara Khosrowshah announced at the Saudi-US Investment Summit that self-driving cars would launch in Saudi Arabia this year. Earlier this week, Uber and Abdul Latif Jameel have partnered to develop a next-gen fleet operations platform in Saudi, including autonomous vehicles (AVs).

M&A WATCH-

Sedco Holding and Bugshan Investment sold their JV Arabian Farms to the UAE’s newly formed Al Ain Farms Group (AAFG), according to a press release published yesterday. The sale allows Bugshan Investment, the investment arm of the Bugshan family office, to rebalance its portfolio in favor of high-growth sectors, while Sedco wanted to exit the agricultural sector to focus on core businesses. The value of the transaction was not disclosed.

About Arabian Farms: Founded in 1978, Arabian Farms produces poultry and eggs for the GCC markets. It is now a part of Al Ain Farms group, which also includes Al Ain Farms, Marmum Dairy, Al Ajban Chicken, and Al Jazira Poultry Farm.

DEBT WATCH-

#1- Perfect Presentation for Commercial Services (2P) lined up SAR 73.6 mn in financing from the Saudi National Bank, after raising and renewing a shariah-compliant credit facility, it said in a disclosure to Tadawul. The facility — valid until 30 May 2026 — is secured in full by promissory notes and will be used to support newly awarded projects, access invoice financing, and issue letters of guarantee and credit.

#2- Pan Gulf Marketing lined up SAR 70 mn in shariah-compliant credit facilities with Saudi Awwal Bank to help cover its working capital needs, according to a disclosure to Tadawul. The one-year funding, backed by a promissory note and a corporate guarantee, will also be used to secure letters of credit, in addition to governmental and non-governmental guarantees.

REAL ESTATE-

#1- Rua Al Madinah taps US design firm for Madinah’s Dar Al Hijrah project: The PIF’s Rua Al Madinah Holding contracted US-based design firm DLR Group for the master plan design of the Dar Al Hijrah project in Madinah, aiming to transform the site into a mixed-use urban development spanning around 1 mn sqm, according to a post on X. No details on the investment ticket or timeline were disclosed.

ICYMI- Rua Al Madinah signed two contracts last year worth over SAR 300 mn with unnamed “global expert houses” for the development of a number of hotels in its landmark project in Madinah.

#2- Mulkia Investment inked an agreement to acquire Riyadh’s Tuwaiq ResidentialComplex — the largest residential complex for employees and workers in the city — on behalf of its Mulkia Tuwaiq Real Estate Fund, according to a press release published on Monday. The value of the agreement was not disclosed.

The acquisition will be funded through shariah-compliant loans and capital raised from investors. Mulkia plans to complete the site’s development and secure the required licensing before selling units.

The details: The 710.9k sqm complex has over 1 mn sqm of built-up area and includes 214 residential buildings across 52 blocks, 27 plots for commercial and hotel-style use, and supporting infrastructure such as parks, a health center, and a 120-bed private hospital.

ICYMI- Mulkia Investment signed an agreement last year to acquire a mixed-use residential tower in Riyadh for SAR 200 mn in a bid to diversify the geographic distribution of property assets under its Gulf REIT.

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