Nadec acquires Al Raie

Nadec to fully acquire Al Raie National Livestock Company

Saudi dairy giant Nadec is acquiring the remaining 49% stake in Al Raie National Livestock Company from Anaam Saudi for Trading, a subsidiary of Al Muhaidib Group, in a SAR 23.7 mn transaction, giving it full ownership, it said in a Tadawul disclosure. The internally funded transaction is pending regulatory approvals, including from the Agricultural Development Fund. Al Raie, which focuses on livestock farming and meat production in Hail, has yet to begin operations.

UAE’s Udora eyes Saudi expansion

UAE-based gifting startup Udora is targeting Saudi Arabia next, after securing USD 10 mn in a private funding round, according to a press release. It’s planning its Saudi entry for 3Q this year, hoping to tap into the growing e-commerce market in the Kingdom. Funds will also be used to expand its range of product offerings and better integrate AI use into its operations.