TMG and PIF-owned Sela form an entertainment JV in Egypt

PIF-owned entertainment firm Sela is setting up an entertainment and event organizing venture with Egypt’s Talaat Moustafa Group (TMG), under a partnership agreement inked last week, according to a company statement.

How it works: Under the agreement, Sela will manage, develop, and operate live experiences, festivals, and concerts across TMG’s properties in Egypt. The venture’s first project is The Corridor — a synchronized series of cultural and sporting events across Egypt and Saudi Arabia, including major global events planned for Egypt’s North Coast next year.

Saudi German Health board members fined over misstated revenue

The Saudi Capital Market Authority (CMA) struck 11 board and audit committee members at Saudi German Health with a total fine of SAR 18 mn, according to a Tadawul disclosure. The regulator convicted the group for manipulating the company’s financial statements between 2018 and 2021.

The details: The officials intentionally recorded some SAR 358 mn in revenues, which is higher than what the company can collect during the period. Along with the fines, they have been banned from working at any CMA-regulated company for up to a year.

AVIATION-

Saudi Arabia’s national carrier Saudia received its first Airbus A321XLR, becoming the first airline in the Middle East and Africa to operate this model, according to a press release. The new addition offers a range of up to 8.7k km and can operate flights of up to nine hours, consisting of 24 business-class suites and 120 economy seats. This delivery is part of Saudia’s order for 105 Airbus aircraft, and the airline is scheduled to receive 15 A321XLR aircraft by 2027.