{"id":96229,"date":"2025-04-21T00:00:00","date_gmt":"2025-04-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/21\/tharwah-to-acquire-100-of-amjad-watan\/"},"modified":"2025-04-21T00:00:00","modified_gmt":"2025-04-21T00:00:00","slug":"tharwah-to-acquire-100-of-amjad-watan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/21\/tharwah-to-acquire-100-of-amjad-watan\/","title":{"rendered":"Tharwah to acquire 100% of Amjad Watan"},"content":{"rendered":"<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> <\/strong><strong>Nomu-listed HR<\/strong><strong> advisory Tharwah signed a binding agreement to acquire 100% of Amjad <\/strong><strong>Watan for <\/strong><strong>Exhibitions and Conferences for SAR 40 mn<\/strong>, in a push to tap into the domestic fast-growing exhibitions and events sector, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86574&anCat=1&cs=9606&locale=en\" style=\"\" rel=\"noopener\">a statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We heard of the transaction in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/49a53d37-119f-4784-af72-e6ccaf980e98\/tharwah-closes-in-on%253cmark%253e-amjad-watan%253c%2Fmark%253e-acquisition\" style=\"\" rel=\"noopener\">December<\/a><\/strong> when Tharwah signed an MoU to buy 49% of Amjad Watan, which was later bumped up to a full takeover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/697ee648-3cdb-417f-97c8-5c1ffb260b51\/va-tech-wabag-secures-usd-371-mn-epc-contract-for-al-haer-sewage-treatment-plant\" style=\"\" rel=\"noopener\">in February<\/a>. Tharwah tapped Mekyal Financial Technologies as a financial advisor on the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tharwah will pay SAR 7 mn in cash and issue 632k new shares valued at SAR 33 mn to <\/strong><strong>Amjad Watan\u2019s owner. <\/strong>Some of the shares will be awarded once the transaction wraps up, while the remainder will be part of an earn-out clause. Current shareholders will see their stake in Altharwah fall to 88.15%, while Amjad Watan\u2019s seller will take the remaining 11.85%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/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\">TRANSPORT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh Metro opened <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.riyadhbus.sa\/ar\/web\/guest\/metro\" style=\"\" rel=\"noopener\">two new stations<\/a><\/strong><strong> on its orange line (Line 3)<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/RiyadhTransport\/status\/1913495552706199663\" style=\"\" rel=\"noopener\">post on X<\/a> from Riyadh public transport. The 40.7 km line \u2014 which runs from the Madinah Road axis to Prince Saad bin Abdulrahman I Road \u2014 now includes the Railway Station and the Jarir District Station, the <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/651082\/SAUDI-ARABIA\/Two-new-stations-open-on-Riyadh-Metro-Orange-Line\" style=\"\" rel=\"noopener\">Saudi Gazette<\/a> added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The orange line saw four new stations opening up <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/277d5f29-ed9c-45df-8f23-d73bc2c06c1a\/a-rejigged-national-anthem,-courtesy-of-hans-zimmer%3F#:~:text=%235%2D%20The%20Riyadh%20Metro%20stretches%20father%3A%20Four%20new%20stations%20%E2%80%94%20Dharat\" style=\"\" rel=\"noopener\">last January<\/a> including Dharat Al Badiah, Al Jarradiyah, Al Hilla, and First Industrial City.<\/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\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>Roshn partners with Ajdan Real Estate<\/strong><strong> in Makkah\u2019s Al Manar project: <\/strong>PIF-backed developer Roshn signed an agreement with <a target=\"_blank\" href=\"https:\/\/ajdan.com\/\" style=\"\" rel=\"noopener\">Ajdan Real Estate Development Company<\/a> to develop 113 residential units in the 32.9k sqm <a target=\"_blank\" href=\"https:\/\/media.roshn.sa\/almanar\/phase-1\/brochure\/37-36\/#zoom=true\" style=\"\" rel=\"noopener\">Al Manar residential community<\/a>, it said in a post on <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/roshnksa_aetaeuaetaewaehaerabraezaewaecaeu-aepaesaetaeuaepaez-activity-7317952224549134336-jbpK?utm_source=social_share_send&utm_medium=member_desktop_web&rcm=ACoAAAoCoEEBdfXINxwhVEfDgQbluFCyXb7HJBA\" style=\"\" rel=\"noopener\">LinkedIn<\/a>. No investment ticket or timeline details were disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Roshn broke ground on the Al Manar community <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b3aca2be-b35a-4099-aded-de0f08dc5275\/%253cmark%253eal%253c%2Fmark%253e-arabia-lands-leasing-rights-for-public-transport-advertising-spaces\" style=\"\" rel=\"noopener\">last<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b3aca2be-b35a-4099-aded-de0f08dc5275\/%253cmark%253eal%253c%2Fmark%253e-arabia-lands-leasing-rights-for-public-transport-advertising-spaces\" style=\"\" rel=\"noopener\">December<\/a>. The project \u2014 its first mixed-use development in Makkah \u2014 is set to feature 33k homes and over 150 amenities upon completion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Roshn signed a separate agreement with National Housing Company to give Sakani beneficiaries an avenue to own residential units in the Al Manar community during the Cityscape Global conference in November.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Al Shatea<\/strong><strong> Real Estate Fund acquired a <\/strong><strong>15.6k sqm<\/strong><strong> commercial plot in Jeddah\u2019s <\/strong><strong>Al Shate\u2019a <\/strong><strong>district for SAR 188 mn<\/strong>, to develop a mixed-use project with commercial, residential, office, and hospitality components, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86578&anCat=1&cs=9610&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The announcement was disclosed by <a target=\"_blank\" href=\"https:\/\/ipo.the1stavenue.com.sa\/index-en.html\" style=\"\" rel=\"noopener\">First Avenue for Real Estate Development<\/a> \u2013 which holds a 15% stake in the fund \u2014 after it had received a notification from the fund\u2019s manager <a target=\"_blank\" href=\"https:\/\/www.sicocapital.com\/\" style=\"\" rel=\"noopener\">SICO Capital<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> First Avenue sold the La Perle East project in Al-Shatea district <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3b9ad021-7c04-44e0-946d-e62e20885080\/stc-increases-voting-rights-in-spain%25e2%2580%2599s-telefonica#:~:text=La%20Perle%20Real%20Estate%20Fund%20acquired%20La%20Perle%20East%20project%20from\" style=\"\" rel=\"noopener\">last February<\/a> to La Perle Real Estate Fund for SAR 160 mn, including First Avenue recovering a SAR 90 mn down payment and an increased stake in the fund to 44% following the transfer.<\/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\">OIL AND GAS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Aramco agreed to extend by three years a standing Long-Term Agreement (LTA) <\/strong><strong>with McDermott<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.mcdermott.com\/press-release-detail\/123047\/mcdermott-signs-three-year-extension-aramcos-long-term-framework-agreement\" style=\"\" rel=\"noopener\">statement<\/a>. Under the extended agreement, the Texas-based engineering company will continue to support both brownfield and greenfield projects managed by Saudi offshore assets, and complete the construction of the <a target=\"_blank\" href=\"https:\/\/www.mcdermott-investors.com\/news\/press-release-details\/2022\/McDermott-Awards-SAFIRA-Fabrication-Yard-Construction-Contract\/default.aspx\" style=\"\" rel=\"noopener\">Safira Fabrication Yard<\/a> while investing in local workforce development.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Aramco renewed its LTA with Saipem through 2027<\/strong>, enabling the Milan-based contractor to bid for new contract release purchase orders (CRPO) to develop and maintain offshore fields in the Kingdom, according to a <a target=\"_blank\" href=\"https:\/\/www.saipem.com\/en\/media\/press-releases\/2025-04-17\/saipem-renews-framework-agreement-saudi-aramco-offshore-activities\" style=\"\" rel=\"noopener\">separate statement<\/a>. The Italian multinational oilfield services company stated that future contracts will be carried out by a consortium led by Saipem-subsidiary Snamprogetti Saudi Arabia and Saipem Taqa Al-Rushaid Fabricators (STAR), maximizing the use of the company\u2019s fabrication yard in Dammam.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong>Under its LTA with Aramco, Saipem was awarded a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d29c90ba-90a3-4b2e-bfed-2eda37e8437c\/aramco-awards%253cmark%253e-saipem-%253c%2Fmark%253eanother-usd-2-bn-epc-contract#:~:text=Aramco%20awarded%20Milan%2Dbased%20contractor%20Saipem%20an%20offshore%20contract%20valued%20at%20c.%20USD%202%20bn%20to%20develop%20the%20Marjan%20oil%20field\" style=\"\" rel=\"noopener\">c. USD 2 bn contract<\/a> to develop the Marjan oil field, and another two contracts worth a combined <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ed6318f9-e257-4f72-9b1d-0b90f1d71e0e\/tabby-targets-2025-2026-window-for-saudi-ipo\" style=\"\" rel=\"noopener\">USD 1 bn<\/a> for EPC works at Marjan oil and gas field, Zuluf oil field, and Safaniya oil fields in September.<\/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\">DISPUTE WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MRNA to sue ex-executive:<\/strong> <a target=\"_blank\" href=\"https:\/\/mrna.sa\/\" style=\"\" rel=\"noopener\">Morabaha Marina Financing (MRNA)<\/a> \u2019s shareholders authorized its BoD last Tuesday to file a liability lawsuit against its former Executive Managing Director Waleed Al Ghumlas, the company said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86570&anCat=1&cs=4082&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Ghumlas stepped down from his executive role in December 2023<\/strong>, but stayed as a board member. The company dismissed him in August 2024, citing a violation of internal rules, according to <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1806129\" style=\"\" rel=\"noopener\">Arqaam<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS- Aramco extends its Long-Term Agreement (LTA) with McDermott for an additional three years<\/p>\n","protected":false},"author":1,"featured_media":96230,"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":[4193,54,139,10,4192,1044,2692,2387],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-al-shatea-real-estate-fund","tag-also-on-our-radar","tag-aramco","tag-enterpriseam-ksa","tag-mcdermott","tag-riyadh-metro","tag-roshn","tag-saipem","wpautop","entry"],"acf":{"mongo_id":"c0b7d181-7ab0-4a97-9332-7033e8b5773d","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/187.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tharwah to acquire 100% of Amjad Watan","related_issue":[96215],"teaser":"PLUS- Aramco extends its Long-Term Agreement (LTA) with McDermott for an additional three years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.caf53072-3177-405d-9eb4-9edae5e0f020.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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