REAL ESTATE-

Sumou Real Estate Company secured a SAR 135 mn contract to carry out infrastructure works in Jeddah’s South Obhur neighborhood, it said in a disclosure to Tadawul yesterday. The project covers a 960k-sqm area and will be carried out in cooperation with Diyar Real Estate Development Fund, which is managed by Sedco Capital.

REFRESHER– Sumou Real Estate Company, asset management firm Al Jazira Capital, and Sumou Global Investment signed a contract in January to establish a real estate investment fund to acquire and develop lands in the Kingdom, with projects valued at upwards of SAR 2 bn.

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Would-be homeowners in 24 residential projects can access low-interest financing to fund their home purchases, after the Real Estate Development Fund (REDF) inked an agreement with the National Commercial Bank and the National Housing Company, state news agency SPA reported yesterday. The agreement covers 40k residential units, with the interest rates being as low as 2.99%.

ICYMI- This new initiative joins a host of financing offerings by the REDF including a new mechanism announced (last May to disburse housing support for Self-Construction and Land and Loan beneficiaries whose home construction has been unfinished for over three years. The fresh mechanism allows up to six payments to complete construction and restore housing support retroactively.

Diriyah Company has launched the sale of Aman Residences and Amansamar in Wadi Safar, featuring a collection of five- and six-bedroom unltra-luxury villas and private estates within the Amansamar community, it said in a statement yesterday. The offered residences have access to the Royal Diriyah Equestrian and Polo Club, a championship golf course among other amenities.

REMEMBER- PIF-backed ultra-luxury hotel operator Aman Group voiced its plans in March to raise up to USD 2 bn to expand in the Middle East and Africa, including 23 hotel projects and expanding Aman Residences. The company is developing three Janu properties in the region, including hotels in historic Saudi locations in AlUla and Diriyah, and has sold around half of the three dozen mansions under construction in Riyadh’s Diriyah district for USD 35-39 mn each.

DEBT WATCH-

SHL Finance secured a SAR 200 mn shariah-compliant facility from the Saudi Investment Bank to expand its sales volumes via loans to customers, it said in a filing to the bourse yesterday. The five-year facility was backed by a promissory note and assignments of receivables.

REFRESHER- SHL secured a similar renewed shariah-compliant loan from Bank Aljazira in April aimed at driving the company’s expansion and sales growth. A month earlier, the company renewed a SAR 1.9 bn shariah-compliant credit facilities agreement with Arab National Bank.

M&A WATCH-

Al Kuzama Trading signed a preliminary, non-binding MoU to acquire 60% of RaedFoodsCatering Company, it said in a disclosure to Tadawul yesterday. The 70-day agreement — which can be extended — is set to lead to a final decision, contingent on due diligence, valuation, and regulatory approvals. The financial details will be determined after a final agreement is reached.

AVIATION-

Riyadh Air inked a five-year partnership with aviation solutions provider SATS Saudi Arabia to provide cargo handling services at key airports across the Kingdom, the airline said in a statement yesterday. The agreement includes the Riyadh Air hub at King Khalid International Airport, Dammam’s King Fahd International Airport, and Jeddah’s King Abdulaziz International Airport. Under the partnership, SATS will be tasked with developing world-class hub management capabilities for Riyadh Air.

ICYMI- Home-grown Avilog Logistics Services acquired a 49% stake in the Saudi arm of Singapore-based logistics firm SATS last Just, with the goal of supporting SATS Saudi Arabia’s expansion plans, including the establishment of a new cargo facility in Jeddah and the implementation of multi-modal operations across the Kingdom. The initial agreement was signed back in November.

TRANSPORT-

Riyadh’s Cooperative Association agreed with Saudi Arabia Railways (Sar) to establish and operate a new passenger train station in Al Zulfi, Sar said on X yesterday. The partnership will add a seventh station to the Northern Railway network, which links Riyadh to Al Qurayyat and enhance services for Riyadh residents.

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