ECOMMERCE-

The Saudi Central Bank launched a new e-commerce payments interface to integrate the mada payment system into the global payment networks, offering additional payment options to users and allowing banks to offer financing solutions to e-commerce businesses, state news agency SPA reported on Monday.

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STARTUP WATCH-

Huspy lines up USD 59 mn in funding to enter Saudi: UAE-based property tech and mortgage firm Huspy raised USD 59 mn in a Series B funding round in preparation to entering the Kingdom before the end of the year, it said on LinkedIn. The financing round was led by UK venture capital firm Balderton Capital, a returning investor, with participation from Peak XV, ExBorder Partners, Turmeric Capital, BY Ventures, Dara Management, and KE Partners.

Huspy? Founded in 2020, Huspy offers end-to-end real estate services present in the UAE and Spain, facilitating some USD 7 bn annually in real estate transactions. Its mortgage business is the largest in the Emirates, accounting for over 25% of financing in Dubai’s residential segment, the press release read.

ADVERTISING-

#1- Majid Al Futtaim-owned Precision Media partnered with ArabyAds-developed platform Ritelo to deliver advertising services across Carrefour branches, according to a press release published. Precision Media will combine Carrfour’s data with Ritelo’s client portfolio to improve advertisement targeting and personalization.

The agreement plays into Majid Al Futtaim’s business expansion into Saudi, through sister companies in retail and entertainment. MAF is preparing to launch projects in Saudi Arabia in 2025 and 2026, CEO Ahmed El Shamy told EnterpriseAM last April.

SPORTS-

#1- Armah Sports and Artal Althalitha inked a SAR 237.1 mn agreement to build and operate two fitness clubs in Riyadh, Armah said in a disclosure to Tadawul yesterday. The agreement will see Artal Althalitha develop two fully-equipped and operational fitness clubs and Armah operate the facilities under the B_Fit brand on a 20-year lease.

#2- ICG launch delayed again: Tihama Advertising and Public Relations and London-based advertising and PR company WPP postponed the establishment of ICG Saudi Arabia to 31 December, according to a disclosure to Tadawul. This is the third postponement, delaying the establishment of the JV by 18 months so far.

REFRESHER- Tihama and WPP first signed an MoU in July 2021 to set up a JV under the name ICG Saudi Arabia by July 2024. However, the deadline was pushed back twice, first, to 31 December 2024, and then to 30 June 2025, to complete the legal ownership transfer and secure regulatory approvals.

TECH-

Riyadh-based Desert Dragon Data Centers entered into a 15-year partnership with XDS Datacenters, agreeing to provide the Dubai-based data center developer and operator some 10 MW of immersion-cooled segment, according to a statement.

More details: Desert Dragon will deliver 3 MW of immersion-cooled infrastructure by June 2026 and the remaining 7 MW in 2027. It also plans to expand its immersion cooling capacity to 50 MW across four Saudi cities, the Saudi Gazette reports.

FINANCIAL SERVICES-

#1- Cadaa Investment Company received the approval to begin offering advising services in the securities business, after receiving its license last February and meeting pending regulatory requirements, according to a statement by the Capital Market Authority.

#2- Awn Alraidah received its license to offer consumer microfinance services using financial technology, the Saudi Central Bank (Sama) said in a statement. This brings the total number of licensed consumer microfinance firms in the Kingdom to 9 and the total number of finance companies approved by Sama to 68.

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