M&A WATCH-

#1- BNPL startup Tabby is set to fully acquire fintech player Tweeq under a definitive agreement signed on the sidelines of the 24 Fintech forum, according to a joint press release. The agreement is pending regulatory approvals. “With Tweeq joining forces with Tabby, we will unlock a whole new suite of financial products designed to empower our customers to do even more with their money when they spend, send or save,” said Hosam Arab, CEO of Tabby. There’s no publicly available information about the transaction size.

#2- Salic wraps up sale of Saudi Fisheries stake: Saudi Agriculturaland LivestockInvestment Company (Salic) has completely exited Saudi Fisheries, selling its entire 40% stake to Abdulaziz bin Abdullah Al Humaid in a SAR 122.4 mn transaction, according to a filing to Tadawul.

#3- Dussur exits General Electric joint venture: State-owned Saudi Arabian IndustrialInvestments Company (Dussur) sold its 55% stake in General Electric Saudi Advanced Turbines (Gesat) to US-based energy equipment manufacturer GE Vernova, according to a statement. This makes GE Vernova the sole owner of Gesat. The value of the transaction was not disclosed.

REGULATION WATCH-

The Saudi Central Bank (Sama) updated its Open Banking Framework to integrate payment initiation services (PIS), according to a statement by Sama. The update aims to standardize how PIS can be deployed securely and clarifies the responsibilities of PIS providers.The Open Banking Framework is a comprehensive set of regulatory guidelines and technical standards that financial services providers must adhere to.

ALSO FROM SAMA- More fintechs join Sama’s Open Banking Lab: Sama added SeenTarbi and Neotek to its Open Banking Lab platform, Sama said in a separate statement. In addition, the central bank gave the green light for MoneyMoon to conduct peer-to-peer lending activities. The lab is a simulation where banks and fintechs can test their open banking services ahead of their official launch on a pool of real customers for a specified period of time. The Lab currently hosts 19 companies.

DEBT WATCH-

Saudi EXIM backs Advanced Metal Industries Cluster: The Saudi Export-Import Bank has inked a SAR 50 mn credit facility agreement with titanium sponge manufacturer Advanced Metal Industries Cluster (Amic) and its subsidiary Amic Toho Titanium Metal (Toho), state news agency SPA reported. The proceeds will go towards shoring up the company’s working capital and boosting liquidity required for export operations.

SOUND SMART- Titanium sponge is a basic input for strategic industries such as aircraft and pharma. The product sees limited production worldwide, with Amic and Toho exporting to key markets including the US, the UK, Japan, China, and Estonia, SPA said.

ENERGY-

Pauwels Transformers, the Belgian arm of Saudi Electrical Industries Company (EIC), will supply distribution transformers to four Belgian power distribution companies under a four-year contract, EIC said in a disclosure to Tadawul. The value of the agreement is estimated between SAR 302-609 mn. The transformers will be manufactured in the Kingdom at the Dammam factory of the Saudi Transformers Company, another subsidiary of EIC. The contract is binding to Pauwels, but not to the other contracting parties.

FINANCIAL SERVICES-

The Saudi Ins. Authority launched a new platform to safely test their ins. products, statenews agency SPA reported. The platform offers a controlled environment for businesses to test their ideas, in a bid to speed up innovation in the sector. No further information was disclosed.

ENTERTAINMENT-

Flow House to come to Saudi Arabia: PIF-owned Saudi Entertainment Ventures (Seven) partnered with Flow House to bring their entertainment venue to Riyadh, Jeddah, and Al Khobar, according to a statement from Seven. Flow House is one of the venues owned by US-based FlowRider.

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