DEBT WATCH-

STC subsidiary inks a combined Murabaha agreement with SNB, ANB: Public Telecommunications Company Specialized, a subsidiary of Saudi Telecom Company (STC), secured a SAR 5.5 bn Islamic Murabaha facility agreement to fuel infrastructure projects, it said in a Tadawul disclosure on Thursday. The funding package includes SAR 3.5 bn from the Saudi National Bank, while the Arab National Bank will provide the remaining SAR 2 bn.

IN CONTEXT- STC Group agreed last week to invest over SAR 1.2 bn to expand digital infrastructure and services at Red Sea Global’s destinations, an investment that ranks among the largest of its kind in the Kingdom’s tourism sector. The agreement aims to enhance customer digital experience and present Red Sea Global’s resorts and communities as smart global destinations.

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WORKFORCE-

Registration is now open for PIF’s Azm Program: The Public Investment Fund unveiled the Azm Program designed to upskill the national vocational talent to meet the PIF’s labor market needs and the wider Saudi economy, it said in a press release. The program is in partnership with the Human Resources Development Fund, the Technical and Vocational Training Corporation, Colleges of Excellence, and PIF-owned Roshn Group.

Application submission is now available via the program’s website. Participants will get hands-on experience in high-demand fields like construction project management, facility management, and health, safety, and environment. Upon completion, trainees will hold internationally recognized certificates and receive job offers from companies including Saudi Binladin Group, Muheel, Jasara, AlMabani, AECOM, Hassan Allam Holding, Famco, and Nesma.

DEVELOPMENT WATCH-

Development projects worth SAR 2.6 bn were inaugurated in Hafar Al-Batin Governorate on Wednesday by the Municipalities and Housing Ministry, state news agency SPA reported. The initiatives include a major rainwater and flood drainage system, alongside other municipal and investment projects.

AVIATION-

Budget airline flyadeal began direct flights to Damascus, launching three weekly services from Jeddah on 1 October and four from Riyadh the following day, according to a press release published on Friday.

CAPITAL MARKETS-

Three companies get the green light to manage investments: The Capital Markets Authority approved Asbar Alosool Capital, Asas Gulf Capital, and Arqaam Capital Financial to conduct managing investments activity in the securities sector, it said in separate statements on Thursday.

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