GIGAPROJECTS-

#1- US engineering firm Bechtel was appointed as Expo 2030 project manager, according to a statement. The company will oversee infrastructure works across the 6 sq km site, including roads, utilities, and public spaces, as well as transforming the venue into a sustainable urban district.

A long history in the Kingdom: The company entered the Saudi market in 1943 to develop the Ras Tanura refinery, and it opened a regional headquarters in Riyadh in 2023. So far, it has delivered over 300 projects, including works at the Riyadh Metro and King Salman International Airport.

#2- PIF-owned NewMurabba inked an MoU with South Korean Heerim Architects & Planners, to collaborate in the design of architectural overlays for the 14 sq km mixed-use urban destination, with a focus on anchor assets, linear parks, and smart city features, it said in a statement.

Not the first Korean to work with Murabba: After launching in February 2023, New Murabba signed several agreements to revamp Riyadh’s downtown area, including greed to a three-year MoU with South Korean tech mogul Naver Cloud to test and potentially introduce smart city technologies — spanning robotics, automation, self-driving systems, and digital construction tools.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

M&A WATCH-

UCA and AICC tap merger advisors: United Cooperative Assurance (UCA) appointed Estidamah Capital as its financial advisor to assist in ongoing plans for a merger with Arabia Ins. Cooperative (AICC), according to a disclosure to Tadawul. On the other side of the desk, AICC tapped Albilad Capital to advise on the transaction, according to a separate disclosure.

REFRESHER- The ins. firms are exploring a potential merger under a non-binding MoU signed in June. The potential tie-up, which is pending due diligence and regulatory approvals, would see AICC absorb UCA via a capital hike and new share issuance.

STARTUP WATCH-

Saudi investors back Ovasave’s USD 1.2 mn funding round: Abu Dhabi-based women’s health tech startup Ovasave raised USD 1.2 mn in a pre-seed round led by PlusVC, Annex Investments, and 25 Madison and supported by Saudi and Emirati angel investors and family offices, according to a statement (pdf).

Where the funds are going: The fresh capital will support regional expansion, beginning with Saudi Arabia this summer and moving beyond in the following three years. Liquidity will also fuel the launch of new mobile app features, such as menstrual cycle tracking, symptom monitoring, access to care, and AI-driven treatment protocols.

About Ovasave: Founded by Majd Abu Zant (LinkedIn) and Torkia Mahloul (LinkedIn) in 2023, Ovasave provides digital fertility and hormonal health services, including at-home hormone testing, virtual consultations, supplement protocols, and a digitized egg freezing experience.

DISPUTE WATCH-

Saudi Darb’s case against the board registered: The Securities Disputes Resolution Committee accepted and registered the lawsuit submitted by Saudi Darb Investment against former board members (2010-2013), according to a disclosure to Tadawul. The company is seeking SAR 100 mn in compensation from the directors, in addition to attorney fees.

REMEMBER- Saudi Darb (formerly known as Al Baha Investment and Development) filed a compensation claim with the Capital Market Authority and the Securities Disputes Resolution Committee in May over a disputed asset sale that led to financial losses and a stock suspension for the company.

DEBT WATCH-

Perfect Presentation for Commercial Services (2P) renewed and increased a SAR 330 mn shariah-compliant loan from Riyad Bank, it said in a disclosure to Tadawul. The funding — backed by promissory notes and valid until 30 July 2026 — is earmarked to develop newly awarded projects.

TRADE-

The GCC Customs Union Authority sealed a contract with Qatar’s Malomatia to develop a central platform to exchange customs data, aimed at improving customs data integration and boosting regional collaboration, the company said on LinkedIn.

Tags: