FINANCING-

Sukna Capital partners with PFG on regional SME financing initiative: Riyadh-based alternative investment platform Sukna Capital and global credit manager Partners for Growth (PFG) partnered to provide up to USD 50 mn in financing for high-potential technology companies and SMEs in Saudi Arabia and the broader Middle East region, it said in an emailed release (pdf) to EnterpriseAM.

The details: Sukna Capital will provide SMEs with shariah-compliant debt instruments — such as working capital lines of credit, contract financing, and term loans — through the Sukna Fund for Direct Financing, which it had launched in July. The fund is the Kingdom’s first open-ended fund of its kind, designed to offer non-dilutive credit to growing businesses.

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M&A WATCH-

Intelligent Oud will obtain 100% of Thannah Trading for SAR 59.5 mn through the issuance of 1.2 mn new shares at SAR 50.83 apiece, it said in a Tadawul disclosure yesterday. The transaction, which is intended to support iOud’s expansion into the hospitality sector, is still subject to regulatory approvals. Preliminary approvals from the current shareholders — Afaq Food Fund and an individual shareholder — had been secured.

BACKGROUND- The Nomu-listed fragrance manufacturer signed a six-month, non-binding MoU with Afaq Food Fund in May to acquire Thannah via a share swap. Amwal Financial was tapped as iOud’s financial advisor and lead manager for the transaction.

STARTUP WATCH-

Homegrown digital authentication startup Sadq secures an additional USD 1 mn investment from Impact46, as an extension of a pre-Series A funding round in April, according to a press release published yesterday. Impact46 will seize the investment to forge synergies for its portfolio companies in digital infrastructure.

About Sadq: Founded in 2022 by Abdullah Allahuo (LinkedIn) and Salem Albadawi (LinkedIn), Sadq offers legally recognized digital signature and workflow authentication solutions that integrate with our National Single Sign-On (Nafath). The platform serves over 3.5k users, including firms such as Foodics, Ninja, Maharah, and D360 Bank.

OIL AND GAS-

Gov’t opens prequalification for natural gas network tenders: The Energy Ministry launched a pre-qualification process for tenders to license, develop, own, and operate natural gas distribution networks in five industrial cities, it said in a statement. The sites include Sudair City for Industry and Business, Al-Kharj Industrial City, and Jeddah’s First, Second, and Third Industrial Cities.

Interested companies have until 25 October to request prequalification documents, with full applications due by 29 November.

LOGISTICS-

The Saudi Ports Authority (Mawani) added Wan Hai Line’s FM1 shipping service to Jeddah Islamic Port, linking it to 10 regional and international ports, it said in a statement yesterday. The new service — with a capacity of 4.5k TEUs — will connect Jeddah to the ports of Shanghai, Ningbo, and Shekou in China, Klang in Malaysia, Aqaba in Jordan, Sokhna and Alexandria in Egypt, and Izmit and Istanbul in Turkey.

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