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CONSTRUCTION-
ERC launches tender for first Expo 2030 contract: Expo 2030 Riyadh Company (ERC), a wholly-owned subsidiary of the Public Investment Fund, has started receiving bids for a contract to build site offices for the first phase of construction at the Expo 2030 venue in Riyadh, Meed reported yesterday. The tender was issued on 29 May, with bids expected in early July.
IN CONTEXT- The PIF launched the ERC last month to manage the construction and operation of the Expo 2030 facilities, which is forecast to contribute approximately USD 64 bn to the Kingdom’s GDP during its development and another USD 5.6 bn while operational.
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M&A WATCH-
STC invests in Tarmeez: The Saudi Telecom Company’s (STC) venture capital arm TaliVentures acquired an undisclosed minority stake in the Riyadh-based debt investment platform Tarmeez Capital, Tarmeez’s CEO Nasser Alsaadoun told Bloomberg reported yesterday.
Looking ahead: Tarmeez aims to grow its portfolio to SAR 16 bn within two years and plans to raise up to SAR 1 bn for its first private credit fund, Alsaadoun added. It is also considering a stock market listing within three years.
About Tarmeez: Founded in 2022, the company mainly arranges Islamic sukuk agreements, with around SAR 2.3 bn in financing arranged so far.
FINANCIAL SERVICES-
Osool & Bakheet Investment received the green light from the Capital Market Authority to offer arranging services in the securities sector, it said in a disclosure to Tadawul yesterday. This expands the licensed services offered by the company, which include trading in securities, managing investments and funds, and providing custodial services.
AVIATION-
Flynas will launch three direct weekly flights between Riyadh and Moscow starting 1 August, it said in a statement on Sunday. Flights will operate on Mondays, Wednesdays, and Fridays between King Khalid International Airport and Moscow’s Vnukovo International Airport.
