DEBT WATCH-

Our friends at National Medical Care secured a total of SAR 1.2 bn in shariah-compliant credit facilities from the Arab National Bank (ANB) to finance the development of Al Narjis Hospital and support working capital needs, the firm said in a Tadawul disclosure yesterday. The financing package is backed by a promissory note and title deeds for the hospital’s land and building. It also includes a SAR 1 bn murabaha facility with a tenor of up to 10 years and a SAR 200 mn overdraft facility that will be renewed periodically.

INFRASTRUCTURE-

Spain’s Acciona kicked off operations at the Shuqaiq 4 desalination plant with a daily capacity of 400 cubic meters, according to a press release. Located southwest of the Kingdom and equipped with seawater reverse osmosis technology, the facility will provide drinkable water to over 3.5 mn people in the region. This brings Acciona's total daily desalination capacity in Saudi Arabia to over 2.3 mn cubic meters, enough to supply clean water to over 9 mn people. Saline Water Conversion Corporation awarded the project in 2021 to Acciona and Al Rashid Trading and Contracting Company.

FINANCIAL SERVICES-

Tabby secures BNPL license: Saudi Arabia fintech Tabby obtained a license from the Saudi Central Bank to offer deferred payment services (known as buy-now-pay-later or BNPL), Sama said in a statement yesterday. The new operator raises the total number of licensed BNPL finance companies operating in the Kingdom to 68.

INS.-

Tawuniya to establish Riyadh Re: The Cooperative Ins. Company (Tawuniya) secured a license from the Ins. Authority to establish Riyadh Re for reins. services, it said in a Tadawul disclosure yesterday. Tawuniya will maintain 100% ownership of the new entity, which will be based in Riyadh with a total capital of SAR 550 mn. The new firm will focus on providing both treaty and facultative reins. services.

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