{"id":89682,"date":"2024-09-16T00:00:00","date_gmt":"2024-09-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/16\/riyadh-commercial-court-awards-al-akaria-sar-187-5-mn-compensation\/"},"modified":"2024-09-16T00:00:00","modified_gmt":"2024-09-16T00:00:00","slug":"riyadh-commercial-court-awards-al-akaria-sar-187-5-mn-compensation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/16\/riyadh-commercial-court-awards-al-akaria-sar-187-5-mn-compensation\/","title":{"rendered":"Riyadh Commercial Court awards Al Akaria SAR 187.5 mn compensation"},"content":{"rendered":"<p class=\"tag-border-left\">DISPUTE WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Al Akaria secures compensation in final court ruling: <\/strong>Saudi Real Estate (Al Akaria) was handed down a final ruling from the Riyadh Commercial Court that will see it receive SAR 187.5 mn, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82540&anCat=1&cs=4020&locale=en\" style=\"\" rel=\"noopener\">a filing to Tadawul<\/a>. Al Akaria pushed for legal action in 2022, claiming that UAE-based Al Bayan Holding Group Company refused to pay financial liabilities pertaining to a 2016 agreement under which Al Akaria had invested SAR 187.5 mn in debt instruments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">M&A WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GO sets out to acquire Ejad Tech: <\/strong>Telecom company Etihad Atheeb (GO) inked a binding MoU to acquire 51% stake in IT service provider Ejad Tech for SAR 86.7 mn, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82539&anCat=1&cs=7040&locale=en\" style=\"\" rel=\"noopener\">a filing to Tadawul<\/a>. The transaction \u2014 pending regulatory approvals \u2014 is expected to be finalized in 4Q 2024. GO tapped Mekyal Financial Technologies as financial advisor, while Ejad Tech appointed ValuHub.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zahrat Al Waha renewed a SAR 60 mn Shariah-compliant loan agreement with the Saudi<\/strong><strong> National Bank<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82543&anCat=1&cs=3007&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The credit facility, which runs until the end of May 2025, will be used to open letters of credit for raw material purchases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/nama.com.sa\/\" style=\"\" rel=\"noopener\">Nama Chemicals<\/a><\/strong><strong> signed an agreement with the National Bank of Kuwait to reschedule<\/strong><strong> SAR 35.5 mn in outstanding debt<\/strong>, extending the repayment period to end in June 2027, instead of October 2025, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82544&anCat=1&cs=2210&locale=en\" style=\"\" rel=\"noopener\">bourse filing<\/a>. The agreement aims to reduce the company\u2019s monthly cash outflows.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> SHIPPING + MARITIME<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mawani adds new shipping service to Jeddah Islamic Port:<\/strong> The Saudi Ports Authority (Mawani) has added Ocean Network Express\u2019s RG2 shipping service to Jeddah Islamic Port, it said in <a target=\"_blank\" href=\"https:\/\/www.mawani.gov.sa\/article?news=09122024\" style=\"\" rel=\"noopener\">a statement<\/a>. The RG2 service is a weekly route with a capacity of some 2.9k standard containers and connects Jeddah with the ports of Mundra in India, Jebel Ali in the UAE, Aqaba in Jordan, and Sokhna Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> FINTECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kafaa Capital received the green light from the Capital Market Authority to test its debt<\/strong><strong> instruments investment platform<\/strong>, after it was granted the fintech experiment license, according to a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3627.aspx\" style=\"\" rel=\"noopener\">statement<\/a> from the Authority.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Modon has inked a SAR 270 mn agreement with Nestl\u00e9 to develop a 117k sqm site in <\/strong><strong>Jeddah\u2019s third industrial city<\/strong> for its first food factory in Saudi Arabia, set to open in 2025, it said in a <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2171690\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The factory will specialize in baby food and use automation and packaging tech to produce 15k tons annually, creating hundreds of jobs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Arqaam Capital Financial has been licensed by the Capital Market Authority to act as an advisor and arranger <\/strong><strong>in securities<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details\/!ut\/p\/z1\/tVJNc4IwEP0tPfTIZPkmx_QLdbBKERQuTAZimxYCair9-Y3agzp-tIfmtG_nbd7uvkUZmqFM0DV_pZI3glYKp5mT28QBo-fByJ8EOoSJG3hJONGhb6EEZSgrhGzlG0olLWn3WeVM3MKKaj9wG7dLXrAVFSUXJVPRNilYtwtquvxgcgcLuQc1AwwLsG5vZKqmoBVDKRMb1Ba8ROkcm6BTbGuY6kyzqO5qmGHQLM82XH3uYGraaHo4hTf0HQifSTgyXBv8BFB2ecijeojGNoRP46EZwAv44PyuHs48clU_UhOn6g_3LIkokTVnHYpFs6yVcdEfV6TY0_thHsaPL0ppb9M9QINr_akr4e-LRUbUKTRCsi-JZv95C9NNu_stjQh2lSODO78fENNz3GPCCcsPCSc83RIumNbWtWfWWhzPum7C0vwhmEd9Tm6-Ac58Yrw!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?locale=en\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. This follows the completion of all required business commencement steps, with the license granted on 29 May, 2023. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: Mawani adds new shipping service to Jeddah Islamic Port<\/p>\n","protected":false},"author":1,"featured_media":89683,"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":[54,10,528,166,3096],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam-ksa","tag-jeddah-islamic-port","tag-saudi-ports-authority","tag-saudi-real-estate-al-akaria","wpautop","entry"],"acf":{"mongo_id":"c55ec78b-ff4b-470e-92a6-8f80d2fd7f77","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1572.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Riyadh Commercial Court awards Al Akaria SAR 187.5 mn compensation","related_issue":[89665],"teaser":"PLUS: Mawani adds new shipping service to Jeddah Islamic Port","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.ca81e0f3-8b73-4d07-a132-cf1447f39f40.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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