DEBT WATCH-

#1- First Avenue for Real Estate Development renewed and increased its shariah-compliant loan with Alinma Bank to SAR 320 mn, according to a disclosure to Tadawul. The five-year financing is secured by promissory notes, a mortgage, and future revenue to support the acquisition and development of the company’s real estate projects.

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#2- Scientific & Medical Equipment House renewed a SAR 284 mn shariah-compliant loan agreement with Banque Saudi Fransi, now valid until 30 April 2026, it said in a disclosure to Tadawul. The facility, backed by contract proceeds and promissory notes worth SAR 283.9, will support ongoing and future projects, as well as issuing bank guarantees and letters of credit.

STARTUP WATCH-

Sunbolah launches multicity startup accelerator: Sunbolah, a comprehensive agri-food tech sector innovation platform, is now receiving applications for a 17-week accelerator program in Riyadh and Paris, aiming to support local and international early-stage startups expand and scale up their operations, according to a pressrelease. Sunbolah is sponsored by the Environment, Water & Agriculture Ministry.

The details: The program offers workshops by local and international experts, workspaces at Riyadh’s The Garage, weekly individual mentoring sessions, access to research centers, and support for licenses and funding. Applications for the accelerator’s second round are open until Saturday, 14 June.

MINING-

The Industry and Mineral Resources Ministry allocated three new sites for mining complexes in the Riyadh and Makkah regions, it said in a post on X. The sites include a 25.9 sq km complex in Taif and two others in Riyadh, including a 10.4 sq km site in Afif and another in Rumah spanning 37.9 sq km.

REMEMBER- Three sites in Madinah and the Eastern province were designated for mining complexes last February. The allocated sites include a 108.3 sq km area southeast of Madinah, and two sites spanning 4.8 sq km and 4.3 sq km in Khafji.

FINANCIAL SERVICES-

Homegrown Nayla Finance received shariah certification for its micro-financing platform from the Bahrain-based licensed advisory body Shariyah Review Bureau, according to a statement. The certification confirms that Nayla’s services follow Islamic finance rules and can offer shariah-compliant loans to small and medium-sized enterprises in the Kingdom.

REFRESHER- The Saudi Central Bank licensed Nayla Finance last April to offer microfinance services, bringing the total number of licensed finance companies in the Kingdom to 66.

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