EXPANSION-

India’s IGL enters Saudi Arabia through Masah partnership: Indraprastha Gas Ltd (IGL) inked a strategic pact with Saudi Arabia’s Masah Construction Company to co-develop natural gas distribution networks across key industrial cities in the kingdom, according to a disclosure to the Indian bourse.

IGL runs a 28k km-long gas pipeline across major Indian cities, including the New Delhi National Capital Region, fueling 2.1 mn vehicles through 950 stations and reaching 3 mn households, according to the Hindu Businessline.

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INVESTMENT WATCH-

Saudi + Sri Lanka joint business council in the works: The Federation of Saudi Chambers and the Federation of Chambers of Commerce and Industry of Sri Lanka signed an MoU to establish a Saudi-Sri Lanka Joint Business Council, Sri Lanka Ambassador to Saudi Arabia Ameer Ajwad told Arab News on Thursday. The council will bring together private sector representatives from both countries to boost cooperation, promote investment, and collaborate across several sectors, including tourism, technology, mining, manufacturing, and agriculture.

DISPUTE WATCH-

#1- CMA’s Appeal Committee for Resolution of Securities Disputes ordered three former Mohammad Al Mojil Group board members and employees to pay SAR 90.8 mn to 668 investors, CMA said in a statement on Thursday. The case relates to a class action over the company’s 2011 and early 2012 financial disclosures, which were later deemed inaccurate and misleading, creating a false picture of the firm’s financial position.

#2- SAR 14.5 mn fines for market violations: The Capital Market Authority (CMA) imposed fines totaling around SAR 14.5 mn on six investors and two investment companies for violating the Capital Market Law, Market Conduct Regulations, and Securities Business Regulations, CMA said in a statement on Thursday. The violators include Diyar Altamlik Real Estate and Middle East Financial Investment, along with investors tied to Rawasi Albina Investment.

FINANCIAL SERVICES-

Oud Capital secured approval from the Capital Market Authority (CMA) to begin operations in the Kingdom, allowing it to conduct investment management, operate funds, and provide advisory services in the securities business, according to a Tadawul disclosure.

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