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OIL WATCH-<\/p>\n
<\/strong>Al Mamlak<\/strong>a 3 is set to be the first offshore rig constructed in Saudi Arabia<\/strong> under an agreement inked between International Maritime Industries (IMI)<\/a> and Aramco Rowan Offshore Drilling<\/a>, state news agency SPA<\/a> reports. No information on the project\u2019s financial ticket, timeline or location was provided.<\/p>\n ALSO- <\/strong>IMI\u2019s 12 mn sqm shipyard at Ras Al Khair is inching closer towards full-scale operations, giving the company capacity to build six drilling rigs, 25 offshore support vessels, and 18 large commercial ships including bulk carriers and chemical and oil tankers on a yearly basis. The facility will also maintain and repair some 250 ships and 15 marine drilling platforms per year.<\/p>\n \n M&A WATCH-<\/p>\n #1- <\/strong>The P<\/strong>ublic Investment Fund (PIF) nabbed a 30% stake in Riyadh-based building <\/strong>materials <\/strong>supplier <\/strong>Masdar<\/a><\/strong> by subscribing to newly-issued shares via a capital increase, according to a statement<\/a>. Masdar has earmarked the fresh funds to expand its operations, accelerate digitization, establish new partnerships, and increase engagement with local building market suppliers and businesses. No financial ticket was not disclosed.<\/p>\n #2- Local restaurant management and POS solutions provider <\/strong>Foodics<\/a><\/strong> fully acquired <\/strong>UK-based online ordering solutions provider <\/strong>Solo<\/a><\/strong>Venture<\/a><\/strong> for an undisclosed fee<\/strong>, it said in a statement<\/a>. The platform will be integrated into the Foodics ecosystem.<\/p>\n Foodics also invested undisclosed amounts in three startups,<\/strong> including Greek AI-powered data analytics company Norma<\/a>, SME accounting system Add<\/a>, and F&B supply chain platform Arzaq Plus<\/a>.<\/p>\n \n #3- <\/strong>Gulf Union <\/strong>inches closer to a merger with Gulf General: <\/strong>Gulf Union Al Ahlia Cooperative Ins. (GUAI) lined up approval from the Ins. Authority to move forward with its plans to merge with Gulf General Cooperative Ins (GGI), it said in a filing<\/a> to Tadawul. The pair inked a binding agreement back in December<\/a> that will see GGI transfer all its shares, liabilities, and assets to GUAI; in exchange, GUAI will issue 22.8 mn shares at a nominal value of SAR 10 apiece to GGI\u2019s shareholders.<\/p>\n #4- Homegrown digital solutions provider <\/strong>Elm Company<\/a><\/strong> signed a term sheet to raise its <\/strong>stake in Smart National Solutions to 40%<\/strong>, it said in a statement<\/a>. The move will streamline both companies' efforts to integrate their digital solutions.<\/p>\n \n LOGISTICS-<\/p>\n PIF-owne<\/strong>d Tasaru Mobility Investments, the National Shipping Company of Saudi <\/strong>Arabia (Bahri), and Germany\u2019s Mosolf Group formed a logistical solutions JV<\/strong> for Saudi Arabia\u2019s automotive and mobility sectors, according to a press release<\/a>. Tasaru will provide capital, Bahri will handle maritime shipping, and Mosolf will lend technical knowledge. The statement did not disclose additional information about the JV\u2019s name, financial details, or a timeline for the initiative.<\/p>\n \n TRADE-<\/p>\n A Saudi-Keny<\/strong>an B<\/strong>usiness Council in the works: <\/strong>The Federation of Saudi Chambers (FSC) inked an agreement with the Kenyan National Chamber of Commerce and Industry to establish a Saudi-Kenyan Business Council during a visit to Nairobi, Kenya, state news agency SPA<\/a> reports. The move comes in a bid to boost economic cooperation and facilitate trade and investment between both states. The joint council will focus on expanding cooperation, exchanging information, and organizing exhibitions and trade visits. <\/p>\n \n AUTOMOTIVE-<\/p>\n Masarat Mo<\/strong>bility Park<\/strong> sets up new automotive hub in KAEC<\/strong>: Masarat Mobility Park \u2014 a Tasaru Mobility Investments<\/a>, Zamil Group Real Estate<\/a>, Abdullah Ibrahim Alkhorayef Sons<\/a>, and Dar Al Himmah Projects JV \u2014 has kicked off the first phase of developments at a 2 mn sqm automotive and mobility hub in King Abdullah Economic City (KAEC), according to a press release<\/a>.<\/p>\n The details: <\/strong>The facility will focus on trading, logistics solutions, and manufacturing, and will feature multimodal connectivity to sea, air, and road transport, as well as a future rail network. The project is expected to create jobs in automotive technology, logistics, and manufacturing. The park has secured \u201cinitial commitments\u201d from unnamed global automotive players looking to move in. <\/p>\n \n REAL ESTATE-<\/p>\n Sedco Capital<\/a><\/strong> REIT Fund signed an MoU to purchase a SAR 750 <\/strong>mn portfolio of <\/strong>diversified assets from an unnamed seller<\/strong>, it said in disclosure to Tadawul<\/a>. The assets \u2014 which are fully developed and income-generating \u2014 are spread across Riyadh, Al Khobar, Dammam, Hafar Al Batin, Al Ahsa, and Abha with a total land area of 152.1k sqm. The transaction \u2014 which is pending legal steps and financial due diligence \u2014 will be financed by the fund\u2019s existing cashflows and credit facilities, as well as an in-kind contribution by the seller.<\/p>\n \n TECH-<\/p>\n US-based biotech firm <\/strong>Paradromics<\/a><\/strong> is partnering with Neom on brain-computer <\/strong>interface <\/strong>therapies<\/strong>, Bloomberg<\/a> reports. The agreement will see a clinical research center set up at Neom, with human trials expected to kick off later this year in the US and possibly in the Kingdom, CEO Matt Angle said.<\/p>\n \n FINANCIAL SERVICES-<\/p>\n The Saudi<\/strong> Ce<\/strong>ntral Bank (Sama) authorized four fintechs to operate under its legislative <\/strong>sandbox<\/strong>, it said in a statement<\/a>. These include Bayain Digital IT<\/a> (open banking), Ma\u2019ahar Al Tamkeen (debt crowdfunding), Sure Pay<\/a> for (peer-to-peer financing), and Ldun<\/a> (factoring services for SMEs).<\/p>\n","protected":false},"excerpt":{"rendered":" PLUS: Sama authorizes four fintechs to operate under its legislative sandbox<\/p>\n","protected":false},"author":1,"featured_media":94389,"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":[54,4005,4007,4004,10,2150,4006,4003,1493,3922,494],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-and-technology-commission","tag-aramco-rowan-offshore-drilling","tag-communications","tag-enterpriseam-ksa","tag-foodics","tag-international-maritime-industries","tag-kenya","tag-saudi-central-bank-sama","tag-sedco-capital","tag-space","wpautop","entry"],"acf":{"mongo_id":"0f36b036-137c-418c-b02b-ccb9768a3edb","order":"13","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/1269.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi to get its first locally-constructed offshore rig","related_issue":[94364],"teaser":"PLUS: Sama authorizes four fintechs to operate under its legislative sandbox","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.e51a653f-9df3-4d3c-888e-2e6c3bfa24dc.mp3"},"yoast_head":"\n
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