Alshaya moves toward 2027 launch for Avenues Riyadh and Khobar

Alshaya to roll out Avenues projects by early 2027

Brand operator Alshaya Group plans to open its Riyadh and Khobar Avenues projects between late 2026 and early 2027, CEO John Hadden told Al Eqtisadiah (watch, runtime 1:37). The SAR 14 bn Avenues Riyadh development includes a retail mall and five commercial, residential, and hospitality towers, including four hotels. Avenues Khobar features a shopping mall and a mixed-use tower.

AND- More retail on the runway: Alshaya plans to add more than 300 outlets in Saudi Arabia over the coming period, adding to its portfolio of around 1k stores. Over the coming few months, it intends to launch food brand Chipotle in Saudi Arabia, starting with Riyadh, and bring cosmetics chain Ulta Beauty to the Kingdom.

Al Modawat kicks off SAR-denominated sukuk offering

Al Modawat Specialized Medical Company launched a SAR 20 mn sukuk offering, marking the first tranche of its broader SAR 30 mn shariah-compliant issuance program, according to a Tadawul disclosure. The subscription period runs through 12 May, with each sukuk unit priced at SAR 1k, which is also the minimum subscription amount.

UAE startup Comfi raises USD 65 mn to expand in Saudi Arabia

Dubai-based B2B embedded finance platform Comfi closed a USD 65 mn pre-series A round to help it scale its regional footprint and expand “aggressively” into Saudi Arabia by next year, co-founder and CEO Sanjar Samiev tells us. The round consisted of equity and debt, with the equity portion led by Iliad Partners, while it marked the first-ever regional investments for Yango Ventures and Raw Ventures, according to a statement (pdf). The round also includes a credit facility from US-based private credit provider Partners for Growth and a mezzanine facility from Shorooq Partners.

SGS lands SAR 314 mn contract with Riyadh Airports

Saudi Ground Services (SGS) secured a five-year, SAR 314 mn contract with Riyadh Airports Company to operate and maintain passenger boarding bridges and docking systems at Riyadh’s King Khalid International Airport, according to a Tadawul disclosure. SGS will provide these services alongside its subsidiary, Jusoor Airports. The five-year contract comes into effect on 1 May, with an option to renew for up to three years.

Saudi Energy, Dawiyat tapped to set up new tier III data center

New tier III data center in the works? Saudi Energy and Dawiyat Integrated Telecommunications will set up a tier III data center under agreements inked with the Investment Ministry and Shareek Program, the Saudi Press Agency reports. The agreements aim to add 16 MW of data center capacity and bolster data localization.