Al Othaim Markets targets 51% stake in Manuel Market operator

M&A WATCH-

Al Othaim Markets eyes controlling stake in Manuel Market operator: Tadawul-listed food retailer Abdullah Al Othaim Markets inked a non-binding MoU with Al Musbah Group to acquire a 51% stake in Ebdaa Al Qasr Marketing — the brand operator of high-end supermarket chain Manuel Market, it said in a filing to the exchange. Ebdaa Al Qasr owns and operates 11 branches of Manual Market in Riyadh and Jeddah.

What we know: The value of the acquisition has yet to be disclosed as the transaction awaits share valuation, due diligence, and regulatory approvals. The MoU will be valid for 90 days.

MANUFACTURING-

Beam launches USD 40 mn CBoard-run facility expansion in Egypt: CBoard, a Cairo-based member of Saudi construction materials manufacturer conglomerate Beam, inaugurated the expansion of a cement board and wall manufacturing facility in the Sokhna Industrial Zone, part of the Suez Canal Economic Zone (SCZone), according to a statement from the Egyptian cabinet.

The details: The newly inaugurated expansion includes a cement board plant with a price tag of USD 25 mn and a gypsum panels manufacturing facility worth USD 15 mn, bringing total investments in the facility to USD 100 mn. Half of the company’s production is earmarked for export.

TECHNOLOGY-

AI Riyadh Charter receives unanimous approval by ICESCO: The Riyadh Charter for Artificial Intelligence in the Islamic World was approved unanimously at the Islamic World Educational, Scientific and Cultural Organization (ICESCO) Executive Council session held in Tunis last Friday, state news agency SPA reports. The charter was presented by Saudi Data and AI Authority (Sdaia) at the World Summit on AI held last September in Riyadh, aiming to establish a unified ethical and strategic framework to promote AI technologies, sustainable development, and international cooperation in compliance with Islamic values.

AVIATION-

Catrion + Flynas to offer iftar in the sky: Saudi-based Catrion Catering Holding signed an agreement with budget carrier Flynas to provide over 300k complimentary iftar meals to passengers boarding domestic and international flights during the holy month of Ramadan, according to a press release.