INVESTMENT WATCH-

Indian pipes manufacturer Jindal Saw will funnel USD 13 mn into Saudi Arabia to establish two joint ventures, after raising its capital expenditure plans for the MENA region, CNBCTV18 reports. The company will hold a 51% majority stake in both JVs through its subsidiary Jindal Saw Holdings FZE.

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Meet the projects: The first project is a USD 10 mn helically spiral welded (HSAW) pipe plant, set to be built within two years in partnership with Buhur for Investment. The second project is a USD 3 mn ductile iron pipe facility, set to be delivered within 12 to 18 months through a JV with RAX United Industrial Company.

MARITIME-

Automated STS cranes arrive at Port of Neom: Saudi Arabia’s Port of Neom received its first remote-controlled ship-to-shore (STS) and electric rubber-tyred gantry cranes, according to a statement released last week. The cranes will facilitate the port’s automation strategy and its goals for a future-ready workforce model, allowing operators to manage equipment from secure and comfortable environments.

REFRESHER- Hassan Allam Construction Saudi was awarded a contract to develop Port of Neom’s Container Terminal 1. The terminal’s development continues apace for its 2026 opening, the statement added. Recent construction works include deepening the port channel to 18.5 meters to enable the world’s largest vessels transiting the Suez Canal to call at Port of Neom.

RETAIL-

CenomiCenters received a long-term credit rating of A- and a short-term rating of T-3 from Simah Rating Agency (Tassnief), with a stable outlook, it said in a disclosure to Tadawul. The rating points to low credit risk and reflects the company’s solid performance with high visitor numbers and occupancy rates, as well as a diverse tenant base, the disclosure said.

ICYMI- Cenomi Centers signed last Month a 10-year franchise agreement with France-based Unibail-Rodamco-Westfield to bring the Westfield brand to its shopping centers in the Kingdom.

CONSTRUCTION-

Sumou Real Estate to develop Sedco Capital Sumou Al Muqarr project in Madinah: Sumou Real Estate landed a SAR 562.5 mn contract from Sedco Capital Sumou Al Muqarr Fund — represented by Jawharat Al Ghura Real Estate Development — to develop the infrastructure and superstructures for the 268.8k sqm Sedco Capital Sumou Al Muqarr project in Madinah, Somou said in a disclosure to Tadawul last Wednesday. The contract will span 24 months after the Real Estate General Authority issues the necessary permits.

REMEMBER- Sumuo Investment and Sedco Capital partnered in February to launch five realestate investment funds totalling over SAR 8 bn to support infrastructure, mixed-use towers, and multi-purpose developments in Riyadh, Jeddah, Makkah, and Madinah.

FINANCIAL SERVICES-

Kuwait-based TAM Capital received final approval from the Capital Market Authority (CMA) to begin operating in the securities sector, according to a statement published last Wednesday. The license, which was preliminary issued in October 2024, allows the company to carry out investment management, operate investment funds, and offer arranging services.

ALSO- Riyadh-based asset manager Aditum Capital received the green light from the CMA to begin operating in the securities sector, specifically managing investments and running investment funds, according to a separate CMA statement issued. The company was officially licensed by the authority on 27 February.

LOGISTICS-

The Saudi Ports Authority (Mawani) added SeaLead’s WARM Shipping Service to Jeddah Islamic Port, it said in a statement on Thursday. The new service, which has a handling capacity of up to 600 TEUs, links the Jeddah port to the Nhava Sheva and Mundra ports in India and the Alexandria port in Egypt.

ICYMI- Mawani has recently added two new Sealead shipping services, including 5CX with a 1.5k standard container capacity and RESIN with a 1k standard container capacity.

IPO WATCH-

ANB Capital received the green light from the Capital Market Authority (CMA) for the public offering of its Saudi Nomu Market Fund, the authority said in a statement last week.

ALSO- Emirates NBD Capital KSA lined up the CMA’s approval for the public offering of its ENBDC Saudi Equity Freestyle Fund, according to a separate CMA statement.

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