HEALTHCARE-

The Health Ministry inaugurated 37 health projects worth over SAR 1.6 bn in the Hail region, alongside eight community participation projects, state news agency SPA reports. The new projects include Hail General Hospital, alongside initiatives by the Saudi Red Crescent Authority. Developmental works involve upgrading the endoscopy, pediatric care, and diabetic foot sections at King Khalid Hospital, while Moqaq General Hospital saw the development of dental clinics, and a new health center was inaugurated within the Hail Health Cluster.

M&A WATCH-

Aqaseem Factory to acquire 40% of Leader Express: Aqaseem Factory for Chemicals and Plastics Company signed a six-month non-binding MoU to acquire a 40% stake in Leader Express Car Services Company, which operates over 67 service centers in Saudi Arabia, it said in a disclosure to Tadawul. The transaction will be financed from Aqaseem’s own resources and is subject to legal and financial due diligence, as well as regulatory and shareholder approvals.

ADVISORS- Aqaseem Factory tapped Value Financial Company to provide a fair opinion on the transaction, with specialized advisors to be appointed for the valuation and due diligence process, according to a corrective statement. Leader Express has not appointed a financial advisor yet.

REAL ESTATE-

SMC Healthcare plans Al Wadi Fund for hotel or healthcare development: SMC Healthcare plans to establish the Al Wadi Real Estate Fund, a close-ended, Shariah-compliant investment vehicle, that will be used to develop either a five-star hotel or a healthcare project on the site, it said in a disclosure to Tadwul. The fund will be structured through SMC contributing its land parcel as an in-kind stake in exchange for equity. BLME Capital is serving as fund manager.

CAPITAL MARKETS-

The Public Investment Fund (PIF) and its commercial notes received an inaugural short-term credit rating of A-1 with a stable outlook from S&P Global Ratings, according to a press release. The wealth fund also holds long-term Aa3 and short-term P-1 ratings with a stable outlook from Moody’s, and long-term A+ and short-term F1+ ratings from Fitch.

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