FINANCIAL SERVICES-

#1- Walaa Cooperative Ins. gets its Fitch ratings: Fitch Ratings assigned Walaa Cooperative Ins. an International Financial Strength rating of A- and a National Financial Strength rating of AA+(sau), both with a stable outlook, Fitch said in a rating action.

#2- E-commerce platform Shahbandr partnered with BNPL provider Tamara to offer installment payment options to all merchants on its platform, according to a press release. Under the partnership, Tamara’s BNPL solution will be offered across all Shahbandr stores, giving shoppers more payment options and increasing conversion rates. Shahbandr will collect service fees directly via Tamara.

About Shahbandr: Founded by Shady Abdelshaheed (LinkedIn) and Tamer Sharkas (LinkedIn), Shahbandr helps online retailers and e-commerce entrepreneurs create personalized online stores and marketplaces. The platform offers AI and data-driven tools to support sales and currently operates in the Kingdom and Egypt, serving over 18k online stores, with plans for regional expansion.

DEBT WATCH-

Al Moammar Information Systems Company (MIS) renewed its SAR 340.3 mn shariah-compliant loan with Saudi Awwal Bank, according to a disclosure to Tadawul. The facility — secured by a promissory note — will be used to finance new project contracts and issue letters of credit and guarantee.

REAL ESTATE-

Dar Global is launching USD 4.8 bn in new community projects in Riyadh and Jeddah via a joint development agreement with Dar Al Arkan, raising the Group’s total GDV to USD 12.5 bn according to a press release. The Riyadh project is an integrated community with a GDV of USD 2.8 bn while the Jeddah project is a mixed-use development with an estimated GDV of USD 1.95 bn.

Dar Global is diversifying its funding: Dar Global has increased its Litmus financing facility to USD 440 mn from USD 275 mn, with the intent to accelerate project delivery and provide flexibility for new venturers. The facility is underwritten by Emirates NBD and supported by other regional banks. The company also acquired a licensed financial services firm in the Dubai International Financial Centre to launch an independent asset management and advisory platform, allowing it to create investment funds, attract international capital, reduce risk, and diversify revenue.

REMEMBER- Dar Global has been busy lately: The real estate developer snapped up land plots in Riyad and Jeddah for USD 390 mn in March. It was set to launch its first Saudi project in Riyadh in partnership with jewelry brand Mouawad in November. The company’s expansion follows joint projects with the Trump Organization, including Trump Towers in Jeddah and Dubai, as well as a 3.5 mn sqm hotel project in Oman.

STARTUP WATCH-

Madinah + DeepMinds launch new hub to support tech startups: The Madinah Regional Municipality and the UK-based tech incubator DeepMinds Holdings launched the Madinah Venture Studio, a new platform aimed at supporting startups and innovation in areas like AI, health technology, and sustainability, according to a press release. The initiative aims to turn Madinah into a hub for entrepreneurs by connecting local talent with global experts and resources.

AVIATION-

Lufthansa is resuming flights from Munich to Riyadh on 26 October with three weekly flights, the airline said in a statement. The route will be operated by an Airbus A350-900 aircraft with 293 seats.

TECH-

stc group and Huawei have successfully trialed an ultra-high-speed optical solution delivering data transmission speeds of 2.4 terabits per second (Tbps) per port, making stc the first operator globally to deploy it, according to a press release.

About the tech: Using Huawei’s OptiX OSN 9800 K12 platform, the solution achieves up to 96 Tbps on a single fiber and integrates Quantum Key Distribution (QKD) for secure encryption. Intelligent automation enables real-time fiber monitoring, reduces service deployment time by over 70%, and advances the network toward L4 self-healing capabilities.

ADVERTISING-

beIN Media Group has renewed its strategic partnership with SMC Group, re-appointing the Riyadh-based firm as its exclusive advertising media sales representative across 23 MENA markets until 2027, according to a press release. SMC plans to enhance its media sales operations by leveraging AI-powered technology to deliver targeted advertising solutions.

Background: The renewed partnership, which began in 2022, covers all of beIN’s sports and entertainment channels, including beIN Sports. SMC will continue to manage ad sales for beIN’s exclusive regional rights to major events like the FIFA World Cup, UEFA competitions, the Premier League, and Formula 1.

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