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DEFENSE-
Nami + Lockheed to locally manufacture aerospace and defence parts in the Kingdom: National AdditiveManufacturing and Innovation Company (Nami), a JV between state-owned Dussur and US-based 3D systems, signed an agreement with US arms maker Lockheed Martin to qualify and additively manufacture critical military and aerospace components in the Kingdom, according to a press release.
The details: The agreement will see Nami manufacture aluminum parts in the Kingdom that will undergo qualification testing to meet industry standards before being integrated into Lockheed Martin’s global supply chain.
CAPITAL MARKETS-
Dar Global joins LSE’s commercial companies category: Real estate developer Dar Global became the first company from the Middle East to transfer its shares from the transition category to the commercial companies category on the London Stock Exchange (LSE), the company said in a press release. The change took effect on 8 September.
Why does it matter? While the move is largely a technical reclassification, it positions the firm more clearly for international investors and signals that Saudi companies can meet global listing standards. Rothschild & Co acted as sole sponsor and financial advisor for the transition.
INFRASTRUCTURE-
EIC subsidiaries to supply electrical distribution substations to SEC: Electrical Industries Company’s subsidiaries Wescosa and Saudi Transformers Company signed a SAR 785.5 mn, 19-month contract with Saudi Electricity Company (SEC) to supply electrical distribution substations through purchase orders issued by SEC, it said in a disclosure to Tadawul on Thursday.
INVESTMENT WATCH-
Riyadh Valley Company backs FinTech Collective Fund IV: Riyadh Valley Company, the investment arm of King Saud University, has invested in FinTech Collective Fund IV, managed by US-based venture capital firm FinTech Collective, it said in a press release on Wednesday. The fund focuses on early-stage fintech opportunities, particularly at the intersection of generative AI and financial services, and manages over USD 770 mn in assets across the Kingdom, the US, the UAE, Sweden, the UK, Brazil, Canada, and Denmark.
