PIF is bringing in Egypt’s TMG, Miahona to snap up Sha’s Water

Egypt’s TMG lands another tie-up with PIF

PIF + TMG: The Public Investment Fund (PIF) signed an MoU with Egypt’s Talaat Moustafa Group (TMG) yesterday to explore mixed-use real estate projects across the fund’s developments in the Kingdom. The non-binding agreement covers residential, commercial, hospitality, retail, and integrated urban developments at sites owned by the PIF and its portfolio companies.

The pitch: The PIF wants to pair its scale and capital with TMG’s record of building integrated communities, accelerating delivery while opening the door to co-investors. The framework is designed to let additional investors join future project phases and to widen the private sector’s role as partners and suppliers.

TMG has been sharpening its Saudi ties for a while now. The giant Egyptian developer is building Banan, a 10 mn sqm mixed-use city in Al Fursan suburb in partnership with the National Housing Company. The project marks TMG’s first development outside its home market. A separate tie-up also saw PIF’s Sela and TMG agree to build out an events-and-entertainment business in Egypt.

Miahona to snap up Sha’s Water

Miahona is set to take full control of Sha’s Water Services after signing a sale and purchase agreement to acquire a 100% stake from Al Manhal Water Factory Company, according to a Tadawul filing. The transaction is valued at a base of SAR 95 mn, which could scale up to a maximum of SAR 102.7 mn contingent upon Sha’s hitting specific targets in its 2025 financial results.

About Sha's: Sha's Water Services is a long-established Riyadh-based water-distribution business that sat inside Nestlé Waters' Saudi orbit. The seller is Al Manhal Water Factory Company, the Nestlé Waters affiliate behind the Al Manhal bottled-water brand. Sha’s owns and operates water facilities in the capital and supplies potable, low and medium-salinity water to commercial, residential, and industrial customers through a mix of fixed network infrastructure and mobile tankers.

Riyadh Air is ahead of schedule

Riyadh Air has launched public ticket sales for five new destinations, expanding its network to Jeddah, Dubai, Cairo, Madrid, and Manchester, the Arabic press reports. The carrier has also advanced its official rollout to Wednesday, 10 June from 1 July thanks to an accelerated pace of aircraft deliveries.

The airline also received its third Dreamliner yesterday, after obtaining its first two aircraft of the kind last week. Riyadh Air appears on track to stay true to its plan to integrate one Boeing Dreamliner into its fleet each month and launch two new destinations every two months, reaching 100 cities by 2030.