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TELECOM-
Solutions to help stc build its internal internet and communication networks: ArabianInternet andCommunications Services Company (solutions) sealed a SAR 313.4 mn, three-year contract with Saudi Telecom Company (stc) to establish stc’s internal internet and communication networks, it said in a Tadawul disclosure yesterday. Stc is solutions’ biggest shareholder, owning 79% of its shares.
The details: Under the contract, solutions will upgrade stc’s network infrastructure to support 5G growth, expand the network capacity, replace old hardware, and establish an internet infrastructure in new data centers located across Khamis Mushait, Dammam, North of Riyadh, and the Qassim Province. Solutions will manage end-to-end implementation from supply and installation to integration and testing.
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REAL ESTATE-
View United Real Estate Development launched the Prosperous Riyadh program to develop unused land subject to White Land Tax, it said in a disclosure to Tadawul on Thursday. The program offers landowners flexible partnership models and variable cooperation options to convert their white land tax obligations into potential investments to transform these unused plots into residential and commercial projects.
The move follows an MoU signed between View United and the Municipalities and Housing Ministry in January 2025 that aims at stimulating the housing supply and real estate development in the Kingdom, enhancing the efficiency in the real estate market.
ALSO- In a separate Tadawul disclosure, the company announced that none of its real estate properties in Riyadh are subject to the White Land tax law, as they are all under development.
M&A WATCH-
Raoom Trading Company tapped Al Wasatah Al Maliah (Wasatah Capital) as its financial advisor for the potential acquisition of Mohrkey Trading Company, it said in a disclosure to Tadawul yesterday. Raoom signed a 60-day non-binding MoU earlier this month to acquire a 51% majority stake in Mohrkey. The companies still need to conduct their due diligence, settle on a valuation, and obtain regulatory approval before a final agreement can be signed.
About Mohrkey: The company operates over 35 fuel stations and vehicle service centers, including 14 Valvoline Express Care centers, and plans to expand to over 60 centers by year-end. It also runs a SAR 1 bn real estate fund dedicated to developing new sites.
