Takween set to consolidate Advanced Fabrics stake

Takween moves to fully acquire Advanced Fabrics Factory Company

Takween Advanced Industries is set to take full control of Advanced Fabrics Factory Company, after signing a share purchase agreement to acquire the 70% stake held by its Chinese partner Jofo Nonwovens, according to a Tadawul filing. Tawkeen, which already owns 30% of the target company, will assume 100% ownership along with all financial and operational liabilities.

What’s next: The move still needs the regulatory green light and is expected to be reflected in Takween’s 1Q 2026 results, with a preliminary gain of about SAR 4 mn.

NextEra sets up shop in KAFD

IT solutions provider NextEra has opened up its new headquarters in Riyadh’s King Abdullah Financial District (KAFD), the firm said in a press release. NextEra already operates a training center in the Eastern Province and plans to expand its talent development programs across Saudi Arabia.

REMEMBER- NextEra was launched last year as a joint venture between Aramco Digital and India’s LTIMindtree, with backing from Aramco’s Namaat Industrial Investments Program. The company focuses on AI, cloud services, digital engineering, sustainability, and customer-centric solutions.

New shipping services hit Saudi ports

Jeddah Islamic Port and King Abdullah Port are now connected to major European hubs like Gdańsk and Antwerp, following the addition of the MSC-operated shipping service Middleast Express, the Saudi Ports Authority (Mawani) said. The service, which has a 16k TEU handling capacity, also integrates a land transport link from King Abdullah Port to King Abdulaziz Port.

Jeddah Islamic Port also saw the addition of a new service by CMA CGM, Ocean Rise, which will connect the port to nine ports across Western Europe and Far East Asia. Its capacity will be around 3k TEUs.

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