TELECOMS-

STC Group completed the Middle East and Africa’s first 7 GHz bandwidth trial for 6G technologies in collaboration with the Communications, Space, and Technology Commission and Nokia, it said in a statement on Thursday. The trial tested the band’s potential for ultra-fast connectivity, smart cities, and next-generation industrial applications.

REFRESHER- STC Group and Nokia completed the first-ever 1 terabit-per-second (Tbps) long-haul field trial in the Middle East and Africa earlier this year. The initiative aimed at expanding the region’s data center network capacity and ramping up data transmission speeds over distances of up to 850 km.

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DEBT WATCH-

Real Estate investment solution provider Binbar Investment and CMA-licensed private investment Joa Capital launched the Mrhoon Fund, a SAR 500 mn fund touted as Saudi Arabia’s first to provide direct financing secured by lease and usufruct contracts, according to an emailed statement (pdf) to EnterpriseAM.

The details: The fund, technically advised by Rabeh, will offer up to SAR 20 mn in shariah-compliant financing tools to Saudi companies and allow businesses to use their operational assets as collateral, aiming to support private sector growth and diversify funding sources.

STARTUP WATCH-

#1- Homegrown AI-powered fraud detection platform Rased closed an undisclosed pre-seed funding round led by Aramco’s Wa’ed Ventures and Share Investment, with participation from several unnamed investors, it said in a statement. The firm was established in 2022 by Talal Al Badrani (LinkedIn) and Mostafa Al Salehy.

#2- Local business solutions platform Workey secured a “strategic” funding round that participation from Falak Investment Hub, it said in a statement. The company will use the undisclosed funding to back its growth plans and launch its first version. The company provides digital bookings across over 120 locations within the Kingdom, offering rooms for private and shared offices, company headquarters, meetings, and events, along with giving access to trusted business service providers and integrated support for startups and foreign investors.

PHARMA-

Saudi Spimaco to turn Egyptian unit into export hub: The Saudi Pharma Industries & Medical Appliances Corp. (Spimaco) plans to expand its operations in Egypt and transform its local subsidiary into an export base for African, GCC, and — at a later stage — European markets, Managing Director Ahmed Aljedai said during a press conference attended by EnterpriseAM. The move follows the resumption of commercial production at Spimaco Egypt last week — after a two-year hiatus — marking a reversal of an earlier board decision to exit the market following pandemic-related losses. The Saudi parent, which holds a 91% stake in its Egyptian arm, is now studying a full acquisition of the remaining shares.

FINANCIAL SERVICES-

The Capital Market Authority granted BIM Capital a license to conduct arranging activities in the securities sector, having met the regulator’s business requirements, the authority said in a statement yesterday.

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