Enaya says no to Salama merger

Enaya Cooperative Ins.’s shareholders rejected a proposed merger with Salama Cooperative Ins, Enaya said in a Tadawul disclosure. The two insurers inked a binding MoU in August to merge Enaya into Salama by issuing 18.9 mn new shares at SAR 10 apiece to Enaya’s shareholders.

IN CONTEXT- Salama’s shareholders had already approved a 62.98% capital increase to SAR 488.9 mn via issuing 18.9 mn new shares last month, based on a swap ratio of 0.8215 Salama shares for each Enaya share.

Not a first: Enaya has rejected other strategic proposals in recent years, including a merger with United Ins. Company in December 2023 and a SAR 150 mn capital increase via a rights issue in December 2024.

Saudi gears up for USD 40 mn investment in Omani industrial city

The Saudi Fund for Development (SFD) will pour USD 40 mn into the establishment of Thumrait Industrial City in Oman under an MoU with Omani Finance Minister Sultan Al Habsi, state news agency SPA reports. The agreement aims to develop the industrial, logistical, developmental, and social sectors in the Dhofar Governorate through the 3.9 mn sqm industrial city.

IN CONTEXT- The SFD committed to invest SAR 1.2 bn to finance infrastructure development in the Special Economic Zone in Oman’s Ad Dhahirah under an MoU signed in 2023 with the Omani Finance Ministry.

Hamad Mohammed Bin Saedan lands development gig in Tuwaiq

Hamad Mohammed Bin Saedan Real Estate will manage and develop a SAR 17 mn commercial real estate project in Riyadh’s Tuwaiq district, it said in a disclosure to Tadawul. The firm will take on the design and implementation phases of the project, which are expected to take 18 months. It will receive 10% of the development costs as a development management fee.

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