REAL ESTATE-

Abdul Rahman Saad Al Rashid & Sons kicked off sales for its SAR 1 bn Jawharat Al Ruba residential project, laucnhed in collaboration with the National Housing Company (NHC), Al Arabiya reports. The development includes 1.2k villas and townhouses located near major roads, the Riyadh Metro, King Fahd International Stadium, hospitals, and shopping centers.

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IN CONTEXT- Jawharat Al Ruba is the latest addition to the larger 5.7 mn sqm and 9k home Al Ruba Destination launched last month east of Riyadh, with total investments of around SAR 7.8 bn. NHC inked agreements with several private developers to build communities within the project, including Abdul Rahman Saad Al Rashid and Sons for the Jawharat Al Ruba project, Dar Wa Emaar for Saraya Al Ruba, Ledar Investment for Dar Al Ruba, and Kooheji Development for Rewan Al Ruba.

M&A WATCH-

Shariah-compliant services provider Al Marjea acquired ShariyahReview Bureau (SRB), a shariah assurance services firm licensed by the Central Bank of Bahrain, SRB said in a statement. The acquisition will see the development of a new platform to provide shariah-compliant services for financial institutions, fintechs, asset managers, banks, and ins. companies via SRB’s shariah advisory and shariah assurance services. The value of the transaction was not disclosed.

What’s next? Al Marjea and SRB will operate independently but as “synergistic entities,” maintaining their regulatory identities. Al Marjea’s Riyadh headquarters will serve as the group’s central hub, while SRB will provide services from its Bahrain-based office.

DISPUTE WATCH-

Tihama Advertising and Public Relations received a preliminary ruling from the Labor Court in Riyadh ordering it to pay SAR 12.2 mn to its former CEO Abdulaziz Alsuwailem, it said in a disclosure to Tadawul on Sunday. The judgment is not final, and Tihama will appeal the decision.

BACKGROUND- The ruling follows a labor lawsuit filed by Al Suwailem in December 2024, after his November dismissal, claiming unjust termination and seeking SAR 12.4 mn. The dispute is mutual, as Tihama’s shareholders approved a liability suit against him in March 2025, followed by a September filing with the Committee for Resolution of Securities Disputes seeking compensation for alleged “transgressions.”

FINANCIAL SERVICES-

The Saudi Exchange approved Morgan Stanley Saudi Arabia to act as a market maker for Saudi Industrial Export Co. and Al Kathiri Holding Co. starting today, according to a Tadawul statement. Under the agreement, Morgan Stanley must maintain orders at least 50% of the time, with a minimum order size of 75k shares and a maximum bid-ask spread of 2% for both stocks.

MEANWHILE- The Saudi Exchange approved Morgan Stanley Saudi Arabia’s request to end its market-making agreements for Saudi AZM for Communication and Information Technology Company and Obeikan Glass Company, effective 14 October, according to a separate disclosure.

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