Sama greenlights another microfinance firm, Acwa eyes ammonia corridor

Sama greenlights Jarir’s consumer microfinance firm

Jarir Marketing secured preliminary approval from the Saudi Central Bank to establish a consumer microfinance firm, Rifd Integrated Company, with a capital of SAR 50 mn, it said in a Tadawul disclosure. The move remains subject to final regulatory clearance before the new entity can start its lending operations.

BACKGROUND- Jarir had signed a non-binding MoU to establish the company in December2024. Under the agreement, Jarir will hold a 49% stake in Rifd, Aman Egypt will own 41%, and Hamad bin Abdullah bin Suleiman Al Manaya & Co. will control the remaining 10%.

Acwa Power eyes Saudi-German green ammonia corridor

Acwa Power inked an MoU with German companies to establish a green ammonia export corridor — slated for commercial operation in 2030, Argaam reported yesterday, citing a statement it has seen. The German partners include Energie Baden-Württemberg (EnBW), Rostock Port, and VNG.

The details: The green ammonia will be shipped from Acwa’s facility in Yanbu to Rostock Port, where it will be converted into green hydrogen by VNG and injected into Germany’s national grid. The development of Acwa’s facility is on track and is set to be completed by mid-2026, the power giant said.

Saco secures SAR 150 mn credit facility from Saudi National Bank

The Saudi Company for Hardware (Saco) secured a SAR 150 mn Shariah-compliant credit facility from the Saudi National Bank, according to a Tadawul disclosure. The 12-month facility will go toward financing working capital and buying letters of credit.