STARTUP WATCH-

US-based AI company Kneron received a non-equity government grant to support its expansion in the Kingdom, it said in a press release on Wednesday. This will support its plans — reported last October — to open a local subsidiary in Riyadh to develop and commercialize its AI chips, building on its partnership with the National Semiconductor Hub.

The AI chip developer was also selected for the Kingdom’s Relocate initiative by the National Technology Development Program, which aims to set the Kingdom as a global technology hub by drawing in at least 50 semiconductor design firms and training 20k AI specialists by 2030.

DEBT WATCH-

#1- First Mills to fund growth via credit boost from SIDF: Tadawul-listed First Mills inked a SAR 69.4 mn credit facility agreement with the Saudi Industrial Development Fund (SIDF) to bankroll upcoming capex-heavy projects as part of its growth plans, it said in a disclosure to the exchange on Thursday.

The terms: The shariah-compliant loan will be repaid over six years in 12 semi-annual installments starting February 2027, following a two-year grace period.

#2- SIDC logistics unit lined up fresh financing: Emtedad Logistics Services, the logistics arm of the Saudi Industrial Development Company (SIDC), secured a SAR 10 mn shariah-compliant credit facility from the Social Development Bank, the company said in a filing to Tadawul on Thursday. The five-year funding is earmarked for capital expansions.

.

HEALTHCARE-

KAFD gets a mental health center: Alkalma, a JV between UAE-based healthcare provider Burjeel Holdings and Colombia’s Keralty, launched a mental health center in Riyadh’s King Abdullah Financial District (KAFD) via integrating with Aspris Healthcare facilities, the ADX-listed company said in a statement on Friday. Financial details remain undisclosed.

ICYMI- Alkalma was established in June 2024, targeting to reach some 30 mn patients over the coming decade. The company announced plans to expand to countries beyond Saudi Arabia, including the UAE and North Africa.

FINANCIAL SERVICES-

Sharaka Financial is now officially licensed to offer advising services in the securities business, having received approval in April and completed all regulatory requirements, according to a statement by the Capital Market Authority.