Umm Al Qura sells Masar plot at over 2x book for a hospitality tower

Umm Al Qura keeps monetizing its Makkah land bank: The master developer of Masar Destination has sold a 3.2k sqm plot in the project’s Zone 3 for SAR 139 mn (USD 37 mn), more than double the land’s SAR 59.7 mn book value and roughly SAR 43k per sqm, according to a Tadawul disclosure. The seller is Al-Inma Second Development Company, the SPV of Al-Inma Makkah Development Fund II, whose units are wholly owned by Umm Al Qura. The buyer, Al Sakan Al-Mithali, a Methak Investment Holding subsidiary, plans to build a hospitality tower on the site.

REMEMBER- Umm Al Qura for Development and Construction sold multiple Masar plots in the past few weeks. It previously sold SAR 183.7 mn of Zone 2 land to Makkiyoon Urban Developers, SAR 603.8 mn of Zone 3 land to Al-Diyar Al-Arabia, and two Zone 2 plots to Al Rossais for SAR 310.4 mn.

PayTabs wants to acquire SeaPay

PayTabs is looking to buy licensed Saudi payments firm SeaPay from Arab Sea Information Systems for SAR 35 mn, according to a Tadawul disclosure. The fintech has signed a non-binding six-month MoU to acquire 100% of SeaPay. For PayTabs, a Saudi-born payments company that has grown partly by acquisition, it’s a bolt-on in a crowded local market; for Arab Sea, an IT firm, it’s an exit from payments.

Applying the tariff

Marafiq is adjusting its electricity and water tariffs from 1 January 2027, the Jubail and Yanbu utility said in a Tadawul disclosure, without giving the direction or size of the change, or its impact on the books, which it will disclose later. Shares jumped nearly 10% on the news.

IN CONTEXT- Saudi Energy Company and the National Water Company are resetting Saudi energy and water prices across Saudi Arabia. Ahead of the changes, eligible public-sector employees, retirees, and social security beneficiaries are expected to receive SAR 500 in government support.

UBS-Credit Suisse merger gets CMA nod

The Capital Market Authority (CMA) has approved the merger of UBS Saudi Arabia into Credit Suisse Saudi Arabia, according to a Tadawul announcement. UBS had agreed to acquire Credit Suisse in 2023 in an emergency rescue deal brokered by Swiss authorities, following mounting concerns over the bank’s financial stability and a loss of market confidence.