Saudi Exchange clears Albilad Capital as market maker for three ETFs

Albilad will quote its own ETFs

Albilad Capital has been cleared to make markets in three of its ETFs. The Saudi Exchange approved Albilad Capital as a market maker, under its exchange-traded fund market-making framework, for the Albilad Saudi Sovereign Sukuk ETF, the Albilad MSCI Saudi Growth ETF, and the Albilad MSCI Saudi Equity ETF, according to a Tadawul statement. Across all three, the firm must keep orders present at least 80% of the time, post a minimum size of SAR 50k, and hold spreads within 2%.

2P tops up its BSF credit line

Perfect Presentation for Commercial Services (2P) renewed and increased a shariah-compliant credit facility with Banque Saudi Fransi to SAR 376.2 mn, valid until September 2027, according to a Tadawul disclosure. The facility is secured against promissory notes and will fund newly awarded projects through letters of guarantee, letters of credit, and invoice financing.

Abwab bags seed funding to expand its products and operations

Saudi fintech Abwab.ai raised SAR 15 mn in a seed round, led by Austrian VC Speedinvest and joined by Middle East Venture Partners (MEVP), according to a company announcement. The funds will be used to expand the company’s AI-powered lending infrastructure for small and medium-sized businesses, alongside providing more products, growing their engineering team in Riyadh, and entering new GCC markets.

About the company: Founded in 2023 by Baraa Koshak (LinkedIn), the fintech provides AI-powered lending infrastructure for banks, finance companies, and other lenders. Its platform automates the SME lending cycle, covering onboarding, origination, credit assessment, disbursement, servicing, billing, collections, and recovery.

Masar sells SAR 603.8 mn worth of land to Al-Diyar to develop four towers

Umm Al Qura for Development and Construction (Masar) sold four plots in its Masar Destination project in Makkah. Masar, together with an SPV of its Al Inma Makkah Development Fund II, signed four agreements to sell the land to Al-Diyar Al-Arabia for Real Estate Development for SAR 603.76 mn, according to a Tadawul disclosure.

About the land: The plots sit in Zone 3 of Masar Destination, are all non-boulevard-facing, and cover 12.2k sqm. Al-Diyar plans to build three residential towers and one hospitality tower on the plots. The land carries a book value of SAR 259.47 mn, and Masar will use the proceeds to fund working capital and ongoing projects.

REMEMBER- Masar has a solid pipeline. A tie-up with Al Rajhi United Real Estate will develop the Hindawiya West and South sites in Makkah at an initial SAR 6 bn, while seven hotels and two shopping hubs are due in under three years under construction contracts worth around SAR 4.1 bn.

Akdital makes its second hospital acquisition in Saudi Arabia

Moroccan healthcare group Akdital has completed the acquisition of a majority stake in Al Bishri Hospital in Makkah, Asharq Business reports, citing a company statement. The hospital will operate as Akdital Makkah, serving as the company’s second expansion step in Saudi Arabia after opening its first medical facility in Riyadh’s Al Olaya district.

Akdital has already begun upgrading the hospital’s infrastructure, expanding its capacity to 126 beds, with plans to upgrade its technical and medical equipment. It also plans to improve operational efficiency and strengthen emergency, intensive care, cardiology, surgery, and maternal and child health services.

REMEMBER- The Arab Investment Company (Taic) acquired a 15% stake in Akdital last month to help fund its expansion, with Saudi Arabia a key focus of the growth plan. The Moroccan company previously earmarked USD 350 mn to develop 11 hospitals across Saudi Arabia, the UAE, and Tunisia by 2030. It also plans to offer investment funds up to a 30% stake as it looks to spread its funding across bonds, bank loans, and internal resources.