DEBT WATCH-

Al Jouf Agricultural Development Company secured a SAR 80 mn, two-year loan from the Saudi Industrial Development Fund, according to a disclosure to Tadawul. The facility — backed in full by a promissory note and mortgage on the company’s olive oil and pickles factory — will finance working capital needs.

M&A WATCH-

Miral Dental Clinics signed a non-binding MoU with Saudi Medical Consultants Company to explore the possible acquisition of a 70% stake in the firm, as part of its plan to grow its specialized medical services, according to a disclosure to Tadawul. The MoU is valid for six months and may be extended. The agreement is still under discussion and depends on a final agreement and regulatory approvals.

FINANCIAL SERVICES-

The Capital Market Authority approved Artal Capital Company’s request to publicly offer its Artal Monthly Distribution Fund, it said in a statement. Artal Capital had lined up approval from the Capital Market Authority for the public offering of its Saudi Equity Freestyle Fund earlier this year.

REAL ESTATE-

#1- Five more plots sold at Masar Destination: Umm Al Qura for Development andConstruction sold five land plots in Makkah’s Masar Destination for over SAR 1.6 bn to Saqeefat Al Asima, an affiliate of Mohammad Abdul Aziz Al Habib and Partners Real Estate Company, it said in a post on X. The plots will see five hospitality towers developed on their combined 15.6k sqm area. Umm Al Qura will use the sale proceeds to finance working capital and ongoing projects.

Masar Destination plots have been flying off the shelves: Since mid-June, Umm Al Qura has sold a combined 13k sqm of land for over SAR 891 mn across four separate transactions. The sales included two plots to Wijhat Albait Real Estate for SAR 235.1 mn, a plot to Tomooh AlKhaleej for SAR 264.9 mn, another to the Watheeq Fund for SAR 145.3 mn, and a fourth to the Home Investment Fund for SAR 255.8 mn.

#2- The Sedco Capital REIT Fund agreed to sell its Atelier Lavie property in Jeddah for SAR 515 mn, it said in a Tadawul disclosure. The unnamed buyer has put in a SAR 5 mn deposit and will transfer the remaining amount within 60 business days. The fund had originally purchased the asset in 2023 for SAR 492.5 mn.

Use of proceeds: Sedco Capital, the fund’s manager, will use the proceeds from the sale to acquire new properties and repay existing bank loans.

ENERGY-

Misk City to get a 621 kWp rooftop solar installation: Riyadh’s nonprofit Misk City signed a 20-year solar energy agreement with Emerge, a JV of Masdar and EDF power solutions, to develop, finance, build, and operate a 621-kilowatt peak (kWp) rooftop solar photovoltaic plant, it said in a press release last week. No financial details were disclosed.

More details: The plant will be situated on a carport structure, among other assets within the city, and aims to reduce Misk City’s carbon footprint and help it achieve Leadership in Energy and Environmental Design (LEED) and ParkSmart sustainability certifications.

DISPUTE WATCH-

The Riyadh Labor Court dismissed a SAR 15.4 mn labor lawsuit filed by former general manager Sari Ibrahim Al Maayouf against Tihama Education Company, a subsidiary of Tihama Advertising and Public Relations, according to disclosure to Tadawul.

BACKGROUND- Al Maayouf was seeking compensation for the remaining period of his five-year employment contract, alleging his termination was “without a legitimate reason,” according to a separate Tadawul disclosure published last year. Tihama countered that the termination was justified, citing a separate ruling from the Securities Disputes Appeal Committee that banned Al Maayouf from working in public companies for 10 years.

AI-

Aramco and US-based data analytics platform Cloudera are developing AI-powered solutions for the Kingdom’s digital oil and gas sector, according to a press release. Under the MoU signed between the two, Cloudera and Aramco will explore joint research and development efforts focused on big data, AI, and data science. Both companies will also invest in training Saudi talent in data engineering, analytics, and AI to build local expertise.

EDUCATION-

Future Vision + Al Maarefa University to invest up to SAR 200 mn in digital training program: Future Vision for Health Training Company signed a three-year agreement valued at up to SAR 200 mn with Al Maarefa University to run a large-scale Saudi digital training program to qualify 50k trainees, it said in a Tadawul disclosure yesterday. The company expects to see a positive financial impact in 4Q 2025.

LOGISTICS-

A new Egyptian-Saudi-Iraqi trade corridor just completed a successful trial run: A pilot shipment has successfully traveled along a new multimodal corridor connecting Egypt, Saudi Arabia, and Iraq, according to Saudi state news agency SPA. The shipment began in Cairo, passed through Safaga Port, crossed the Red Sea to Saudi Arabia’s Neom Port, and then continued overland to Erbil, Iraq.

It takes half the time: The trial found that the corridor slashed delivery time for Saudi Arabia-bound shipments coming from Egypt by more than 50% compared to traditional routes.

Tags: