REAL ESTATE-

Knowledge Economic City (KEC) embarked on a new JV with Indonesia’s ArchipelagoInternational to develop a 2.5k-key mega hotel project within Madinah Gate, according to a press release. The JV will also set up a dedicated hospitality management firm to operate hotels and other hospitality assets across KEC’s destinations. The project will serve as the launch platform for a new Saudi hotel brand, with financial details and timelines currently undisclosed.

REMEMBER- KEC kicked off work on phase one of Madinah Gate last year with initial investments worth SAR 600 mn.

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INVESTMENT WATCH-

PIF-backed SBIC partners with Mumtalakat for strategic investments in Bahrain: The Saudi-Bahraini Investment Company (SBIC) signed a joint investment agreement with Bahrain’s sovereign wealth fund Mumtalakat Holding Company to expand cooperation and explore new potential investments in Bahrain, subject to due diligence, according to a press release.

The details: The pact establishes a joint investment program across technology, media and telecom, financial services, education, logistics, advanced construction materials, manufacturing, infrastructure, aerospace, and real estate, focusing on both existing companies with growth potential and new project launches.

M&A WATCH-

Gas Arabian Services completes transfer of stakes in EBKSA and TCR: Gas Arabian Services Company finalized the transfer and registration of its minority stakes in EagleBurgmann Saudi Arabia (12.9%) and TCR Arabia (40%) after securing all the required regulatory approvals, according to a disclosure to Tadawul.

REMEMBER-The comes after binding agreements were signed in November where GAS agreed to acquire the stakes from its major shareholder, Future Prospects for Operation and Maintenance, for SAR 48.7 mn (EBKSA) and SAR 17.1 mn (TCR Arabia). Both stakes are being purchased at a 15% discount to their valuations. Gas will finance the transactions internally.

IPO WATCH-

Mayar Holding is gearing up for an IPO of its subsidiary Ziorak, appointing MEFIC Capital as financial advisor to arrange its potential listing on the Nomu parallel market, it said in a disclosure to Tadawul.

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