TRANSPORT-

Alsa to run Riyadh-Qiddiya e-bus route: UK-based Mobico Group ’s transport subsidiary Alsa landed a EUR 500 mn, eight-year joint venture contract to operate shuttle and park-and-ride services in Qiddiya, it said in a press release on Thursday. The agreement, signed with a local company, covers 156 vehicles — 126 of them electric — and will connect Qiddiya with Riyadh.

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CULTURE-

Cultural Assets Group acquired Riyadh-based social and cultural center TheStage during the Cultural Investment Conference in Riyadh, it said in a press release. The acquisition, financed by the Cultural Fund, is part of the group’s SAR 850 mn investment fund announced during the conference.

About The Stage: Since its founding in 2019, The Stage has held over 1k sessions, 500 events, and 100 workshops, attracting more than 100k visitors. The center is known for bringing together artists, entrepreneurs, and thought leaders to discuss social and cultural issues.

DEBT WATCH-

Red Sea Intl subsidiary secures financing from Fab: Red Sea International’s subsidiary Fundamental Installation for Electric Work (First Fix) secured a SAR 375 mn credit facility from First Abu Dhabi Bank (Fab) to finance its upcoming projects, it said in a disclosure to Tadawul on Thursday. The one-year standby facility is backed by corporate and personal backing from its parent company and other related parties, including a promissory note for the full amount.

ICYMI- Last month, shareholders of Red Sea International signed off on plans for First Fix to float 12 mn shares, good for 30% of the company, on the bourse. The planned IPO will be made up entirely of shares sold by the unit’s minority owners, leaving Red Sea International’s controlling 51% stake intact.

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