Saudi awards 172 mining sites in record exploration round

The Industry and Mineral Resources Ministry awarded licenses to 24 companies and consortia in the largest licensing round in its history covering 172 sites across Nabitah Al Duwayhi, Shukhaybarat As-Safra mineralized belts, it said in a statement on Wednesday.

More details: The round spans over 24k sq km across three mineralized belts, covering gold, copper, silver, zinc, and nickel, with those awarded committing more than SAR 671 mn in exploration spending over the first two years of their programs, with 76 sites advancing to multi-round public auctions.

Looking ahead: The tenth round will cover 13k sq km across Madinah, Makkah, Riyadh, Qassim, and Hail, with new sites extending existing mineralized belts. Additional exploration and investment prospects will be announced at the Future Minerals Forum in Riyadh as the Kingdom seeks to unlock its estimated SAR 9.4 tn in mineral wealth.

M&A from Aslak, Alamar, and Catrion

United Wire Factories Company (Aslak) sealed a share purchase agreement to acquire 40% of Al Raed Industrial Investment Company for SAR 92.8 mn via issuing new consideration shares to Al Raeda’s shareholders, according to a Tadawul disclosure. The company tapped Al Khair Capital as financial advisor. The agreement is valid for 270 days.

Post-acquisition, Aslak’s share capital will increase by 13.88% (about SAR 39 mn) to SAR 319.8 mn. Once completed, Al Raeda’s selling shareholders will hold a 12.19% stake in Aslak.

IN OTHER M&A NEWS-

  • Alamar Foods signed a SAR 85 mn sell purchase agreement to fully obtain Cravia Arabia — Five Guys brand’s operator — taking over 13 restaurants in the Kingdom. The transaction will be financed through shariah-compliant credit facilities. (Tadawul)
  • Catrion Catering Holding Company is increasing its aviation and catering footprint, signing a sale and purchase agreement to take over a 55% equity stake in Al Khalejiah Catering Company (AKCC). The transaction is valued at up to SAR 440.9 mn, which includes an initial SAR 315.2 mn payment and up to SAR 125.7 mn in performance-based earn-outs. Funded via internal resources and shariah-compliant facilities, the agreement also grants Catrion a call option to acquire an additional 15% of AKCC within the following three years. (Tadawul)

High-value funding rounds for DSShield, Rewaa, and Ballurah

Riyadh-based cybersecurity firm DSShield landed SAR 203 mn in a funding round by Merak Capital, according to a press release. The move aims to establish a clear pathway toward a future IPO. Since its inception by Siraj Marghalani (LinkedIn) in 2020, the company has executed cybersecurity projects valued at over SAR 1.5 bn.

IN OTHER STARTUP NEWS-

  • Homegrown Rewaa raised USD 45 mn in a series B funding round led by Wa’ed Ventures, Idrisi Ventures, and Unity Ventures. The round saw participation from Vision Ventures, RZM Investments, Sedco Capital, Saned Partners, Palm Ventures, and Abdulrahman Saleh Al Rajhi and Sons Company. The funds will help Rewaa ramp up its AI technologies to facilitate business management for SMEs and support retailers across the Kingdom. (Press release)
  • Falak Angels Network’s investment funneled an undisclosed amount into Ballurah to boost its growth strategy. Serving over 400 clients, the AI-powered technology platform helps corporates in the F&B sector to ramp up their profitability. (Press release)

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