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INFRASTRUCTURE-
PIF-owned firm New Murabba tapped London-based construction engineering firm Arup to design a new 45k-seat stadium, the company said on X on Thursday. The stadium is part of the USD 50 bn New Murabba development and will be a key venue for the 2034 Fifa World Cup. No financial details were disclosed.
More details: Arup will handle the design, planning, and operations advice, with the project expected to be finished by 2032, TradeArabia reports.
M&A WATCH-
#1- Shrimp Nation hooks Olive Rock for expansion: Local seafood restaurant concept chain Shrimp Nation sold a 30% stake for an undisclosed sum to UAE-based private equity firm Olive Rock Partners to fund its expansion across the Kingdom and beyond, according to a press release.
About Shrimp Nation: Founded by Mohammed Abualizz (LinkedIn) in 2018, Shrimp Nation operates 35 branches fusing local and international flavors across the Middle East region, including the Kingdom, Jordan, Egypt, Bahrain, and Qatar.
#2- Neo Space acquires Earth observation platform: PIF-owned space services provider Neo Space Group (NSG) finalized the acquisition of Earth observation platform UP42 GmbH from Airbus Defence and Space, according to a press release. Financial details were not disclosed.
REFRESHER- NSG entered into a definitive agreement with Airbus Defense and Space lastDecember to acquire UP42, a platform that provides access to data and analytics from over 80 geospatial companies.
EXPANSION-
UK-based tech company 36Zero opened an office in Riyadh with support from regional business expansion platform AstroLabs, according to a press release. The tech company’s solutions help manage worker safety, project costs, and project tracking for large-scale infrastructure projects. The company has already worked on major Saudi projects like Neom and New Murabba and plans to build more partnerships with key players like Aramco, Ma’aden, and Diriyah Company within the next year.
CAPITAL MARKETS-
WinVeston Capital received the green light from the Capital Market Authority for the public offering of its Money Market Fund, according to a statement.
