Miahona closes Sha’s Water acquisition

Miahona has closed its acquisition of Sha’s Water, picking up a Riyadh distribution network. The listed water-services firm is paying SAR 95 mn for 100% of Sha’s Water Services, now a wholly owned subsidiary, with a further SAR 7.7 mn earn-out tied to the unit’s performance, according to a Tadawul filing. The transaction, cleared by the Competition Authority in September, pushes Miahona deeper into supplying water to commercial, residential, and industrial customers in Riyadh, and will start showing in its accounts from 4Q.

Riyadh Development sheds non-core land

Riyadh Development is selling land it won’t build on and leaning harder on its malls. CFO Mohammed Al-Kulaib told Al Arabiya the company is working to divest 200k-300k sqm of non-strategic land from a portfolio above 1.3 mn sqm, with some of the impact possibly landing as early as 4Q. The rest is mostly held for development, as the company leans on recurring income from its centers and markets and a project pipeline it puts near SAR 9 bn.

Alba eyes Eastern Province solar

Bahrain’s Aluminium Bahrain (Alba) is eyeing Saudi solar — as a buyer, and maybe an investor. Alba wants to be a major offtaker from a potential solar project in Saudi Arabia’s Eastern Province and would take an equity stake if the opportunity arises, chairman Khalid Al-Rumaihi told Asharq Business. He stopped short of naming a partner or linking it to the up-to-2.8 GW Eastern Province plant Acwa Power and Bahrain’s Bapco Energies agreed to build last December, whose output is earmarked for Bahrain.