EIC lands major French transformer contract

Electrical Industries Company’s (EIC) Belgian subsidiary Pauwels Transformers will provide power transformers to France’s main electricity distribution operator Enedis under a SAR 150.4 mn, five-year framework agreement, EIC said in a disclosure to Tadawul yesterday. The contract covers the design, manufacture, and supply of the units and is extendable for up to three additional years through 2033. If all extensions are exercised, the total value would rise to around SAR 227.3 mn.

Why it matters: The agreement allows EIC to capitalize on the global shortage of power transformers and Europe’s accelerating energy transition. It also signals a shift from one-off equipment sales toward a longer-term utility partner model in the EU. By locking in France’s primary grid operator, EIC is securing a long-term revenue stream.

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State grains buyer closes its first wheat tender of the year

The General Food Security Authority bought 907k tons in its first wheat tender of the year, exceeding the 595k tons it originally sought, the state grains buyer said on X. The imported wheat is scheduled for delivery between April and May 2026. The tender covers 15 vessels, with five shipments designated for Jeddah Islamic Port, seven for Yanbu Commercial Port, two for Dammam’s King Abdulaziz Port, and one for Jazan Port.

Grove secures funding for service expansion

Fresh-produce firm Grove closed a USD 5 mn (SAR 19 mn) seed funding round led by Outliers Venture Capital along with a group of angel investors, earmarked for Grove’s expansion of its services and agricultural products, it said in a statement yesterday.

About Grove: Founded in 2024 by Mohammed bin Ghannam (LinkedIn) and Ayman Alfifi, Grove provides consumers with fresh agricultural products, connecting farms, markets and households via a vertically coordinated system.

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