WSM gets the regulatory okay for new debt program

WSM gets the CMA’s green light for its debt program

WSM for Information Technology has the green light to register and offer debt instruments under a program capped at SAR 500 mn after the Capital Market Authority (CMA) approved the company’s application, according to a Tadawul disclosure. The prospectus will be published ahead of the subscription period.

Background: The company previously received the CMA’s green light to boost its capital from SAR 7.2 mn to SAR 28.6 mn by issuing one bonus share for every three existing ones. It was also reportedly developing a SAR 500 mn shariah-compliant sukuk program, tapping Impact Financial as the financial advisor for the issuance and offering.

Sama hands out licenses

Tak Mal and Dufaa get Sama’s green light: The Saudi Central Bank (Sama) has licensed Tak Mal to provide consumer microfinance services and licensedDufaa to offer consumer finance. The move brings the total number of licensed consumer microfinance providers in the Kingdom to 11 and the total number of licensed finance firms to 73.

Saudi insurers see stable ratings

Saudi Re and Gulf Union ratings reaffirmed, outlook diverges: Moody’s maintained Saudi Reins. Company’s A2 global ins. financial strength rating with a stable outlook following its latest review. Meanwhile, Fitch reaffirmed Gulf Union Al Ahlia Cooperative Ins.’ rating at BBB+ (IFS) and AA- (Saudi National IFS), though the company’s outlook was revised to negative from stable amid underwriting losses.

Jeddah Islamic Port gets new shipping service

Jeddah Islamic Port is now directly connected to China’s Shanghai and Nansha, following the addition of the China United Lines (CULines) SGX shipping service, the Saudi Ports Authority (Mawani) said on X. The new route also connected Jeddah to Egypt and other ports in Malaysia, with a capacity of 2.4k TEUs.

Links, links, links: Jeddah has become one of Saudi Arabia’s main tools for adding route density and widening liner access while Red Sea shipping patterns remain under pressure. The port has seen a steady run of new service additions over the past year, including routes tied to India, China, Egypt, Jordan, Singapore, Djibouti, Berbera, and Oman.

Gasco gets regulator’s nod for Jacko Gases acquisition

Gasco moves closer to acquiring half of Jacko Gases: The National Gas and Industrialization Holding Company (Gasco) has received the green light from the General Authority for Competition to acquire 50% of Jacko Gases for SAR 125 mn, according to a Tadawul filing.

REFRESHER- Gasco signed the equity interest purchase agreement for the move last month. The transaction is structured as a capital injection intended to double Jacko’s share capital — valuing the company at SAR 125 mn pre-acquisition — and supporting its expansion plans.

Kempinski Group is expanding into branded residences at home

Kempinski Group is entering the Kingdom's branded residences market with the 302-unit Kempinski Residences at Masar, Makkah, it said in a press release. The project will be developed with Umm Al Qura for Development and Construction. The wider Masar development will also include a Kempinski hotel and a retail boulevard.

Branded homes are gaining traction in the Kingdom, with 77% of high-net-worth individuals showing interest and USD 3.4 bn of capital circling the segment, according to a Knight Frank survey. The sector is still nascent, with around 1.7k completed units and 1.9k under development, but the market is expanding rapidly. International demand for the properties is also expected to rise.