M&A WATCH-

Tabuk Agricultural Development Company received board approval for selling its entire 60% stake in Masader Agricultural Feed Mill to an individual investor for SAR 7 mn, according to a filing to the exchange. The transaction aims to halt ongoing losses, which amount to SAR 4 mn a year on average. The sale is expected to add SAR 9.6 mn to the company’s bottom line.

Not the first attempt: Last year, Tabuk’s shareholders rejected two proposals to sell the stake for SAR 8 mn due to challenges in transferring the ownership of the company’s factory.

REAL ESTATE

Magnom Properties eyes Egypt’s Ras El Hekma: Rawabi Holding Group subsidiary Magnom Properties is interested in investing in Egypt’s Ras El Hekma, CIO Ahmed Kassem told Al Arabiya. Magnom is currently building the Forbes International Tower in the country’s new administrative capital, which it said will be the world’s first zero-carbon emission tower, and plans to replicate the project in Saudi and UAE as part of a plan to invest USD 5 bn across the region, Magnom’s CEO Maged Marie told Al Arabiya last week.

ENTERTAINMENT-

A unified online platform for private sector entertainment in the works: The National Committee for Entertainment will work on launching a unified platform that will list all services and events offered by private sector entertainment companies, according to a post on X from the Federation of Saudi Chambers of Commerce.

HOSPITALITY-

US-based hotel management firm Valor Hospitality Partners launched its business in Saudi, it said in a press release. This marks Valor’s second foray into the Middle East after Dubai.

BUSINESS-

US-based advisory firm PJT Partners plans to expand its Saudi team in Riyadh following the acquisition of Dubai-based deNovo Partners, the company’s founder Paul Taubman told Bloomberg in an interview (watch, runtime, 6:13). DeNovo Partners has recently secured a license to operate in the Kingdom as more Wall Street banks seek to advise on the PIF’s overseas acquisitions and local companies going public.

FINTECH-

Banaa Al Tharawat for Investment received a fintech permit from the Capital Market Authority to test its platform for investment and real estate funds distribution, the authority said in a statement.

AVIATION-

Bahrain’s flag carrier Gulf Air will bring its services to Saudi travel booking platform Almatar under a recent partnership, according to a press release.

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