EDUCATION-

Education Ministry is offering 1.3k schools to the private sector for 20 years, under a new development project launched by the Ministry, Deputy Minister Mohammed Al-Sudairi said at the Northern Border Investment Forum, Saudi Gazette reported on Saturday. The initiative will see private-sector players fully manage and operate 1.3k schools in the kingdom over the course of 20 years, in a bid to boost the quality of educational services and enhance public-private partnerships.

SOUND SMART- This is a smart public policy move (potentially enhancing access to quality education for students) and pro-private-sector at the same time. We need look no further than Egypt to see the impact on quality that opening up to domestic private investment in K-12 has had. Egypt has also opened some of the K-12 space to qualified foreign investors and now mandates that any new university opening there must have a foreign partner.

DEBT-

#1-SRC wraps up its SAR 20 bn sukuk program: The Saudi Real Estate Refinance company(SRC) — a subsidiary of the PIF — has closed a two-tranche sukuk issuance worth a combined SAR 3.5 bn, the SaudiPressAgency reports.This is part of SRC’s government-guaranteed SAR-denominated sukuk program.

#2-Intelligent Oud is set to launch a new sukuk program: Nomu-listed fragrance manufacturer Intelligent Oud has announced its intention to launch a new SAR 30 mn sukuk program, it said in a regulatory filing on Thursday. Afaq Capital is quarterbacking the program as the lead manager. The company’s share price rose 0.7% to SAR 55.9 on Thursday’s close.

#3- NDMC closes SAR 2.7 in its monthly local sukuk issuance: The National Debt Management Center (NDMC) has covered all of the investor orders it has received for two local sukuk issuances in November, according to NDMC website.

By the numbers: Some SAR 2 bn have been allocated to the first issuance at a 5.03% yield and a price of SAR 96.6, maturing in 2031. The second issuance worth SAR 668 mn has a longer maturity in 2033 and thus carries a cheaper price of SAR 82.3 and a yield of 5.08%.

FINANCIAL SERVICES-

#1-Dnaneer gets license to provide crowdfunding solutions: The Saudi Central Bank (SAMA) has authorized Shariah-compliant finance firm Dnaneer Financing Company to offer debt-based crowdfunding solutions, the central bank announced on Wednesday. The move brings the total number of licensed companies offering peer-to-peer lending in the Kingdom to eight. It comes as part of SAMA’s efforts to promote innovative and inclusive financial solutions.

#2-Ins. Authority begins work as independent sector regulator: The Ins. Authority, established in September of this year, kicked off operations as an independent regulatory authority for the kingdom’s ins. sector, SPA announced on Thursday. The decision, which was approved by the Council of Ministries, comes as part of the Kingdom’s Vision 2030 and the Financial Sector Development Program (FSPD) launched in 2018.

IN DETAIL- The IA is responsible for both sides of the market, regulating and driving development of providers, brokers and others on the corporate side and protecting the rights of policyholders and beneficiaries on the other.

INVESTMENT-

Investments worth SAR 146 mn for NBR: MoUs worth a combined SAR 146 mn were inked on the sidelines of the Northern Border Investment Forum on Saturday to attract investments to and develop the Northern Borders Region (NBR), Al Eqtisadiah reported on Saturday. NBR inked agreements with state-owned mining company Maaden to launch three secondary schools, and another one with Jarir Marketing to launch a bookstore. Maaden also signed agreements with the Northern Borders University and Arar Chamber of Commerce.

TAX-

Qatari’s cabinet has signed off on the draft of a treaty with Saudi to avoid double taxation, Qatar News Agency (QNA) reports.

ENERGY-

Taqa and Petrojet will partner on Africa, ME oilfields:The Industrialization and Energy Services Company (Taqa) signed a MoU with Egypt’s Petrojet to form a strategic alliance focused on exploring and pursuing integrated oilfield projects in Africa and the Middle East, a statement by Taqa read on Tuesday. The two are pursuing contracts to build production facilities as well as provide engineering, fabrication, and equipment manufacturing services.

DIGITAL SOLUTIONS-

Tam Development to provide digital services to Communications and Space Technology Commission: Consultancy company TamDevelopment signed a SAR 13 mn one-year contract to offer consultancy services and digital solutions to the Communications and Space Technology Commission, it said in a disclosure to Tadawul on Wednesday.

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