M&A WATCH-<\/p>\n
#1- <\/strong>Aramco is reportedly eyeing a minority stake in Spanish oil company Repsol\u2019s <\/strong>renewables arm<\/strong>, Reuters<\/a> reports citing unnamed sources it says are familiar with the matter. The news was first reported by Spanish news outlet Expansion<\/a>. Saudi Aramco is reportedly interested in the Spanish company\u2019s renewable assets in the US. The potential sale aims to finance Repsol\u2019s diversification into renewables. No details were provided on the timeline or size of the potential transaction.<\/p>\n REMEMBER-<\/strong> Oil giant Aramco is set to develop two SAF demonstration projects in Neom by 2025, one of which will be developed in partnership with Repsol<\/a>.<\/p>\n #2- <\/strong>Tadawul-listed <\/strong>Al Baha Investment and Development<\/a><\/strong> is gearing up to become the <\/strong>sole owner of its majority-owned subsidiary <\/strong>Elegant Centers<\/strong>, it said in a disclosure to Tadawul<\/a>. The industrial investment company inked a non-binding MoU that would see it acquire an additional 13% stake in Elegant Centers, which would make it the sole owner of the subsidiary. Al Baha will begin due diligence to determine the value of the sale.<\/p>\n OIL & GAS-<\/p>\n An <\/strong>Ades Holding unit inked a SAR 2.4 bn agreement with Kuwait Oil <\/strong>Company <\/strong>for \u201cfour of the Company\u2019s current operating rigs in Kuwait<\/a> as well as two newbuild units,\u201d it said in according to a disclosure to Tadawul (pdf)<\/a>. Operations are slated to start in 2Q-3Q 2025 for a period of five years with the option of a one-year extension. This constitutes a 3x increase in Ades\u2019 contracted fleet with Kuwait Oil Company over the past two years, tot a total of 12 rigs, up from just four in 2023. The oil and gas giant currently has 10 onshore rigs operating with the Kuwaiti company in Kuwait.<\/p>\n LOGISTICS-<\/p>\n Bahri, Gasco break off plans for logistics JV: <\/strong>National shipping company Bahri and the National Gas and Industrialization Co (Gasco) terminated an MoU aimed at setting up a joint venture focused on logistics and land transportation, they said in separate disclosures to Tadawul (here<\/a> and here<\/a>). The joint venture was deemed not feasible for both parties after completing the necessary studies. There was no financial impact from the termination of the MoU, which was signed in October<\/a> last year.<\/p>\n TRADE-<\/p>\n The Saudi Export-Import Bank (Saudi Exim Bank) signed a line of credit agreement worth <\/strong>USD 100 mn with Turkish state-owned Ziraat Bank <\/strong>to fund exports of Saudi\u2019s non-oil products and services to Turkey, it said in a statement<\/a>. It said the move comes under the bank\u2019s efforts to empower the non-oil economy and enhance the competitiveness of Saudi products in global markets.<\/p>\n REMEMBER-<\/strong>Saudi Exim Bank signed earlier this month<\/a> an ins. agreement and a murabaha agreement with the Saudi National Bank to fund the export of non-oil products by improving documentary credits and providing ins. and financing solutions. It signed in April<\/a> a number of reins. treaties with global reins. firms led by the world's second biggest reins. company Swiss Re to drive local export growth through ins. coverage expansion.<\/p>\n AUTOMOTIVE-<\/p>\n China\u2019s <\/strong>Newrizon to bring its EV trucks to the GCC through Saudi\u2019s Al Yemni Group: <\/strong>Chinese electric truck maker Newrizon<\/a> signed an agreement with local commercial vehicle dealer group Al Yemni Group<\/a> to become Newrizon\u2019s exclusive distributor in the GCC region, according to a statement<\/a>. No further details were provided.<\/p>\n About Al Yemni: <\/strong>Established in the early 1970s, Al Yemni began its business by selling new and used cars before expanding into manufacturing, real estate, F&B, construction and equipment sectors. Al Yemni is also a dealer for Japan\u2019s Subaru and Isuzu vehicles along with China\u2019s Chery. <\/p>\n CYBERSECURITY-<\/p>\n The Saudi Information Technology (Site) obtained an information security standard <\/strong>certification that aims to optimize the security of credit and debit card payments<\/strong> by preventing cybersecurity compromise of personal data, according to a statement<\/a>. Site is a wholly owned subsidiary of the Public Investment Fund. The Payment Card Industry Data Security Standards (PCI DSS v4.0) certification was secured by Site \u201cas a provider of managed security services,\u201d it said. <\/p>\n TOURISM-<\/p>\n #1- <\/strong>The Saudi Tourism and Investment Company (Asfar) is looking to improve visitor <\/strong>experiences at cultural heritage sites<\/strong>, after signing an MoU with the Heritage Commission, it said in a post on X<\/a>.<\/p>\n REMEMBER- Asfar wants to turn Saudi\u2019s small cities to tourist destinations: <\/strong>Asfar said earlier this month<\/a> that it plans to set up tourist destinations in small cities nationwide to bridge the gap in the hospitality sector in those areas. The move comes as part of the company\u2019s strategy to transform smaller cities into tourism and entertainment hubs through partnerships with the private sector.<\/p>\n #2- Tadawul-listed <\/strong>Saudi Ground Services <\/strong>is set to launch a subsidiary, Ground Service <\/strong>Company for Travel and Tourism Services<\/strong>, as part of its growth strategy, it said in a disclosure to Tadawul<\/a>. <\/p>\n REAL ESTATE-<\/p>\n The <\/strong>Real Estate Development Fund<\/a><\/strong> deposited SAR 978 mn in the accounts of Sakani <\/strong>program<\/strong> beneficiaries for May 2024<\/strong>, according to state news agency SPA<\/a>. <\/p>\n What is Sakani? <\/strong>The program<\/a> is part of a wider government-run housing initiative that enables citizens from accessing the housing market and owning a home through \u201cfinancing options including rent-to-own and mortgage options.\u201d Sakani\u2019s diverse financing options include an upfront non-refundable assistance of up to SAR 150k, SPA quotes the fund\u2019s CEO Mansour bin Madi as saying. The fund deposited a total of SAR 60 bn in Sakani since its inception in 2017, bin Madi added.<\/p>\n ENTERTAINMENT-<\/p>\n MBC FZ inked a SAR 65 mn contract with MedYapim Middle East Audiovisual Media <\/strong>Production for the production of a 90-episode TV series, Mother Anne<\/strong>, it said in a filing to the exchange<\/a>. The episodes are expected to be delivered in February 2025. The two companies are subsidiaries of MBC Group.<\/p>\n AVIATION-<\/p>\n Riyadh Air has scheduled certification flights for September <\/strong>through November of this <\/strong>year<\/strong> as the Public Investment Fund\u2019s flagship carrier looks to line up an operator\u2019s certificate in preparation for its commercial launch in the summer of 2025, Simple Flying reports<\/a>, citing remarks by Riyadh Air CEO Tony Douglas at the Future Aviation Forum<\/a> last week. \u201cWe\u2019ll go into service in the summer of next year,\u201d Douglas said. Riyadh Air is set to operate a fleet of Boeing 787s. <\/p>\n Sound smart: <\/strong>Certification flights are a series of test flights designed to evaluate the safety, performance, and functionality of new jets, in addition to their compliance with regulatory standards. They are a prerequisite for obtaining a license to commercially operate a fleet. <\/p>\n","protected":false},"excerpt":{"rendered":" M&A WATCH- #1- Aramco is reportedly eyeing a minority stake in Spanish oil company Repsol\u2019s renewables arm, Reuters reports citing unnamed sources it says are familiar with the matter. The news was first reported by Spanish news outlet Expansion. Saudi Aramco is reportedly interested in the Spanish company\u2019s renewable assets in the US. The potential […]<\/p>\n","protected":false},"author":1,"featured_media":86564,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[409,54,139,288,10,1452,353,1708],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-ades-holding","tag-also-on-our-radar","tag-aramco","tag-bahri","tag-enterpriseam-ksa","tag-gasco","tag-riyadh-air","tag-saudi-information-technology-site","wpautop","entry"],"acf":{"mongo_id":"cb8ca5c9-2b46-4c5f-b7ec-c1ecaf3d376c","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2107.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco eyes minority stake in Repsol\u2019s renewables unit. Plus: oil and gas, logistics, and cybersecurity","related_issue":[86542],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.1a49a5dc-45c7-4dd7-ad64-3a2b1806893e.mp3"},"yoast_head":"\n