M&A WATCH-

Riyadh Cables on track to become major shareholder of an Uzbek cable manufacturer: Riyadh Cables Company inked a SAR 147.7 mn share and purchase agreement to acquire a 51% majority stake in Uzbekistan’s low and medium voltage power cable provider Artikul Aziya Kabel, according to a Tadawul disclosure yesterday. The Riyadh CablesGroup ’s subsidiary tapped PwC to advise on the acquisition, which will be funded through the firm’s own resources and facilities. The transaction is pending regulatory approvals.

What they said: The move will contribute to diversifying the group’s revenue sources along with “building a Central Asian production hub that complements the group’s regional network and strengthens its export capability,” the group said in a separate statement.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

ENERGY-

The heavy engineering arm of Indian conglomerate Larsen & Toubro secured a contract to build a refinery and an integrated petrochemical complex in the Kingdom, amending a previous contract related to the High Olefins Fluid Catalytic Cracking (HOFCC) Reactor and Regenerator revamp, it said in a statement yesterday. No financial details were disclosed.

REAL ESTATE-

The Saudi Real Estate Institute will provide accredited training programs in real estate finance, investment, and asset management under new partnerships with Saudi Awwal Bank, Riyad Bank, Aljazira Bank, and Albilad Bank, it said on X yesterday. The cooperation agreements, signed during the Global Proptech Summit in Riyadh, will also offer joint certification initiatives to enhance the qualifications of those working in the real estate sector.

Tags: