{"id":82342,"date":"2023-11-27T00:00:00","date_gmt":"2023-11-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2023\/11\/27\/tons-of-debt-and-financial-services-news-plus-privatizing-schools-investment-in-northern-border-region\/"},"modified":"2023-11-27T00:00:00","modified_gmt":"2023-11-27T00:00:00","slug":"tons-of-debt-and-financial-services-news-plus-privatizing-schools-investment-in-northern-border-region","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2023\/11\/27\/tons-of-debt-and-financial-services-news-plus-privatizing-schools-investment-in-northern-border-region\/","title":{"rendered":"Tons of debt and financial services news. Plus: Privatizing schools, investment in Northern Border Region"},"content":{"rendered":"

EDUCATION-<\/strong><\/p>\n

Education<\/strong> Ministry is offering 1.3k schools to the private sector for 20 years<\/strong>, under a new development project launched by the Ministry, Deputy Minister Mohammed Al-Sudairi said at the Northern Border Investment Forum, Saudi Gazette<\/a> 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.<\/p>\n

SOUND SMART- This is a smart public policy move <\/strong>(potentially enhancing access to quality education for students) and pro-private-sector<\/strong> 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. <\/p>\n

DEBT-<\/strong><\/p>\n

#1-<\/strong>SRC<\/strong> wraps up its SAR 20 bn <\/strong>sukuk <\/strong>program: <\/strong>The Saudi Real Estate Refinance company<\/a>(SRC<\/a>) \u2014 a subsidiary of the PIF \u2014 has closed a two-tranche sukuk issuance worth a combined SAR 3.5 bn, the Saudi<\/a>Press<\/a>Agency<\/a> reports.This is part of SRC\u2019s government-guaranteed SAR-denominated sukuk program.<\/p>\n

#2-<\/strong>Intelligent Oud is set to launch a new <\/strong>sukuk <\/strong>program: <\/strong>Nomu-listed fragrance manufacturer Intelligent Oud<\/a> has announced its intention to launch a new SAR 30 mn sukuk program, it said in a regulatory filing<\/a> on Thursday. Afaq Capital <\/strong>is quarterbacking the program as the lead manager. The company\u2019s share price rose 0.7% to SAR 55.9 on Thursday\u2019s close.<\/p>\n

#3- NDMC closes SAR 2.7 in its monthly local sukuk issuance: <\/strong>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<\/a>. <\/p>\n

By the numbers: <\/strong>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%. <\/p>\n

FINANCIAL SERVICES-<\/strong><\/p>\n

#1-<\/strong>Dnaneer gets license to provide crowdfunding solutions<\/strong>: The Saudi Central Bank (SAMA) has authorized Shariah-compliant finance firm Dnaneer Financing Company<\/a> to offer debt-based crowdfunding solutions, the central bank announced<\/a> 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\u2019s efforts to promote innovative and inclusive financial solutions. <\/p>\n

#2-<\/strong>Ins. Authority begins work as independent sector regulator:<\/strong> The Ins. Authority, established in September of this year, kicked off operations as an independent regulatory authority for the kingdom\u2019s ins. sector, SPA<\/a> announced on Thursday. The decision, which was approved by the Council of Ministries, comes as part of the Kingdom\u2019s Vision 2030 and the Financial Sector Development Program (FSPD<\/a>) launched in 2018. <\/p>\n

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

INVESTMENT-<\/strong><\/p>\n

Investments worth SAR 146 mn for NBR:<\/strong> 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<\/a> reported on Saturday. NBR inked agreements with state-owned mining company Maaden<\/a><\/strong> to launch three secondary schools, and another one with Jarir Marketing<\/a><\/strong> to launch a bookstore. Maaden also signed agreements with the Northern Borders University<\/a> and Arar Chamber of Commerce<\/a>. <\/p>\n

TAX-<\/strong><\/p>\n

Qatari\u2019s cabinet has signed off on the draft of a treaty with Saudi to avoid double <\/strong>taxation<\/strong>, Qatar News Agency<\/a> (QNA<\/a>) reports. <\/p>\n

ENERGY-<\/strong><\/p>\n

Taqa and Petrojet will partner on Africa, ME oilfields:<\/strong>The Industrialization and Energy Services Company (Taqa) signed a MoU with Egypt\u2019s Petrojet to form a strategic alliance focused on exploring and pursuing integrated oilfield projects in Africa and the Middle East, a statement by Taqa<\/a> read on Tuesday. The two are pursuing contracts to build production facilities as well as provide engineering, fabrication, and equipment manufacturing services.<\/p>\n

DIGITAL SOLUTIONS-<\/strong><\/p>\n

Tam Development to provide digital services to Communications and Space Technology <\/strong>Commission<\/strong>: <\/strong>Consultancy company Tam<\/a>Development<\/a> signed a SAR 13 mn one-year contract to offer consultancy services and digital solutions to the Communications and Space Technology Commission<\/a>, it said in a disclosure to Tadawul on Wednesday. <\/p>\n","protected":false},"excerpt":{"rendered":"

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. 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