Aljazira Bank closes AT1 issuance, Pickappo raises SAR 2 mn

Aljazira Bank closes AT1 issuance

Aljazira Bank is wrapping up a USD-denominated AT1 capital certificates issuance under its USD 1.5 bn program today, according to a Tadawul disclosure. The perpetual, five-year callable certificates carry a minimum subscription threshold of USD 200k and will be listed on the London Stock Exchange’s International Securities Market. Final pricing and yield remain subject to market conditions.

IN CONTEXT- Gulf debt only began reawakening from its war-driven slumber in May, and June is tracking similarly before a summer lull and Fed policy bring things to a halt. The roll cycle now playing out is banks compressing months of refinancing activity into a few weeks of open market. Spreads for investment-grade names have tightened back inside pre-war levels, presenting the right conditions to move before summer closes the window.

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Pickappo raises SAR 2 mn

Logistics tech startup Pickappo closed a SAR 2 mn (USD 530k) pre-seed funding round, led by an undisclosed angel investor and an investment fund, according to a press release. The capital will go toward product development, creating AI and automated systems, attracting new talent, and expanding partnerships.

Pickappo? Founded in 2023 by Walid Ghonim (LinkedIn) and Ahmed Siam, the Saudi-based startup is developing a unified platform to connect stores, restaurants, and online retailers with delivery and logistics providers. Pickappo currently works with over 300 logistics companies and 50 delivery apps to fulfill 100k+ daily orders, according to its website.