SPORTS-

Harburg scores first foreign takeover of a Saudi club: US-based sports-focused investor Harburg Group — led by foreign investor Ben Harburg — fully acquired Al Kholood Club for an undisclosed amount, marking the first complete takeover of a Saudi football team by a non-Saudi owner, the club said in a statement last Thursday.

ALSO- The ownership of Al Zulfi Club will transfer to Nojoom AlSalam company, while Al Ansar will go to the Awdah AlBiladi And His Sons company, the Sports Ministry said on X.

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We knew this was coming: The sale of Al Kholood was first announced last August as part of the second phase of the Kingdom’s football privatization program, launched in December 2023 to attract more local and foreign investors. Five other clubs were up for grabs in this round — Al Zulfi, Al Nahda, Al Okhdood, Al Ansar, and Al Orouba.

DEFENSE-

Sami partners with Turkish defense firms to locally manufacture military vehicles + land systems: PIF-owned Saudi Arabian Military Industries (Sami) signed three agreements with Turkish defense firms Nurol Makina, FNSS, and ASELSAN to start producing military vehicles and land systems locally, it said on LinkedIn on Thursday.

More details: The agreements cover the transfer of technology and expertise to manufacture 4x4 and 8x8 armored vehicles, as well as weapon turret systems. Production will take place at Sami’s new land systems facility, set to launch in late 2025.

DISPUTE WATCH-

The Capital Market Authority (CMA) compensated investors in the Watani Iron Steel case, distributing SAR 41.4 mn from a fund composed of illicit gains recovered from five individuals convicted in an April 2024 ruling, it said in a statement on Thursday. Some payouts exceeded SAR 1 mn. Investors not compensated through this fund can still file individual lawsuits.

Background: In April 2024, the Appeal Committee for Resolution of Securities Disputes convicted five investors of violating the Capital Market Law and its regulations, fining them SAR 3.5 mn and ordering four of them, along with a related company, to pay SAR 41.4 mn in illegal gains. The violations occurred before and after the company's direct listing on the Nomu-Parallel Market.

M&A WATCH-

Thimar development bows out of planned acquisition fund: Thimar Development Holding terminated its January agreement with Makkah-based livestock operator Jiyad Al Ezz to create a SAR 100 mn private equity fund for acquiring a 70% stake in Jiyad Al Ezz, it said in a disclosure to Tadawul on Thursday. No reason was provided for Thimar’s decision to terminate the contract.

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