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Italian backers finance Dream of the Desert
The Dream of the Desert luxury train project developer Arsenale Group sealed a strategic agreement with Simest — an Italian state-owned financial institution backing Italian enterprises’ offshore expansion — for a EUR 37 mn (c. SAR 163 mn) joint equity investment, Simest said in a press release on Tuesday.
Cost updated: The new funding is estimated to be half of the current project’s budget at some SAR 317 mn. The other half will be funded by a SAR 154 mn from the Saudi Tourism Development Fund.
Launch date, too: First trips on the ultra-luxury route from Riyadh to Al Qurayyat have also been pushed to late 2026, from an initial target of this year.
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BinDawood buys into UAE’s Wonder Bakery
BinDawood Holdings’ expansion spree continues as it acquires a 51% stake in Dubai-based Wonder Bakery for AED 96.9 mn (SAR 99 mn), it said in a filing to the bourse yesterday. BinDawood seeks a more integrated supply chain for its retail business, along with a plan to bring the technical and operational know-how to the Kingdom.
Established in 2014, Wonder Bakery produces up to 50k tons of bakery and kitchen products annually, serving GCC countries like Qatar, Bahrain, and Kuwait.
The bigger picture: BinDawood put forth a SAR 1.5 bn expansion plan with unnamed strategic partners two years ago, aiming to boost its e-commerce infrastructure, strengthen supply chains, and integrate robotics into store operations.
Fipco looks to diversify into construction with Bina takeover
Filling & Packing Materials Manufacturing Co. (Fipco) is scaling up into the construction supply chain by fully acquiring Bina Industrial Holding for SAR 364.5 mn, it said in a disclosure to the exchange. The merger — first announced in June — is structured as a share swap that will see Fipco’s shares and capital nearly doubling from SAR 115 mn to SAR 227.7 mn, with the owners of Bina snapping 49.5% of the new entity.
IN CONTEXT- The manufacturer of plastic and woven packing materials will gain access to the Kingdom’s construction sector via Bina’s portfolio — including Bina Precast, Bina ReadyMix, Bina Engineering, and Bina Homes. Fipco’s Chairman Ahmed Al Barrak is also the CEO of Bina and holds a 70% stake in Bina Engineering.
