{"id":86379,"date":"2024-05-21T00:00:00","date_gmt":"2024-05-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/21\/retal-urban-development-unit-lands-sar-2-9-bn-contract-with-pif-owned-roshn-plus-ma-debt-and-logistics\/"},"modified":"2024-05-21T00:00:00","modified_gmt":"2024-05-21T00:00:00","slug":"retal-urban-development-unit-lands-sar-2-9-bn-contract-with-pif-owned-roshn-plus-ma-debt-and-logistics","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/21\/retal-urban-development-unit-lands-sar-2-9-bn-contract-with-pif-owned-roshn-plus-ma-debt-and-logistics\/","title":{"rendered":"Retal Urban Development unit lands SAR 2.9 bn contract with PIF-owned Roshn. Plus: M&A, debt and logistics"},"content":{"rendered":"

REAL ESTATE-<\/p>\n

#1- <\/strong>Building Construction (BCC) \u2014 a subsidiary of Tadawul-listed real estate <\/strong>developer <\/strong>Retal Urban Development \u2014 has <\/strong>landed a SAR 2.9 bn contract<\/strong> for Dhahran\u2019s first multi-use community complex with PIF-owned Roshn Group, the parent company said in a disclosure to Tadawul<\/a>. The 45-month agreement will see BCC design, build and develop some 1.9k residential units at Roshn\u2019s<\/a>Aldanah<\/a>project<\/a> Site 1, in addition to carrying out some infrastructure and landscape work and developing public amenities.<\/p>\n

About the project:<\/strong> Aldanah project, which spans 1.7 mn sqm, will be home to 10k residents. The complex\u2019s units will be equipped with advanced energy-saving features, including modern insulation, solar water heaters and high efficiency air conditioning. Green spaces will cover 10% of the project\u2019s total area. Aldanah is Roshn\u2019s sixth mixed-use development across the Kingdom.<\/p>\n

#2- Nomu-listed <\/strong>View United Real Estate Development signed an MoU with Zamil Group<\/strong> Real <\/strong>Estate to cooperate on joint real estate investment and development projects <\/strong>for a renewable one-year period, it said in a disclosure to Tadawul<\/a>.<\/p>\n

DEBT WATCH-<\/p>\n

#1-<\/strong>Alkhorayef Water and Power Technologies (AWPT) has increased its <\/strong>Shariah-compliant credit facility <\/strong>with Al Rajhi Bank to SAR 865 mn<\/strong> from a previous SAR 200.9 mn, it said in a disclosure to Tadawul<\/a>. It said the value of the collateral provided for the financing was amended accordingly to SAR 910.9 mn, while the initial agreement\u2019s terms and conditions were kept unchanged. <\/p>\n

Background: <\/strong>AWPT had originally lined up the loan from Al Rajhi Bank back in June 2022 to finance water projects in Dammam, according to an earlier disclosure<\/a>. <\/p>\n

#2- <\/strong>Nomu-listed WSM for Information Technology obtained a SAR 4 mn financing facility <\/strong>under the Ofuq product<\/a> of the Social Development Bank, it said in a disclosure to Tadawul<\/a>. The facility is earmarked for funding the tech company\u2019s capital investments, and it will run for a period of 2 years.<\/p>\n

Ofuq is tailored for companies that have been in business for a minimum of three years<\/strong> with annual sales between SAR 3 mn and SAR 40 mn.<\/p>\n

M&A WATCH-<\/p>\n

#1- <\/strong>Saudi Lime Industries<\/a><\/strong> closed a SAR 35 mn full takeover of <\/strong>Astra Mining Limited<\/a><\/strong>, it said in a filing to the exchange<\/a>. The Nomu-listed company will also settle SAR 130 mn in debts owed by Astra to local lenders as part of the acquisition, bringing the total amount of the transaction to SAR 164.6 mn. The transaction was financed by the company\u2019s own resources, along with debt facilities, the statement reads, without providing further information.<\/p>\n

#2- Home furnishing manufacturer <\/strong>Naseej International Trading <\/strong>has tapped <\/strong>Wasatah<\/a><\/strong>Capita<\/a><\/strong>l as its financial advisor for <\/strong>the acquisition of real estate developer <\/strong>Etmam Arabia<\/a><\/strong>, it said in a disclosure to Tadawul<\/a>. The move comes a few months after Naseej signed a non-binding MoU<\/a> to acquire 100% of Etmam Arabia through a stock swap that will see Naseej issue new shares for the acquisition. <\/p>\n

FINANCE-<\/p>\n

Monsha\u2019at \u2014 the small and medium enterprises regulator \u2014 signed a number of financing <\/strong>agreements to support SMEs <\/strong>as part of its Funding Week<\/a>, it said in a statement<\/a>. No financial information was provided on these agreements, which include: <\/p>\n