The following is a summary of all announcements from the past month regarding investment deals, partnerships, and other commercial news between U.S. and Saudi companies.
Sports & Entertainment
SRJ Sports Investments, a company launched earlier this month by Saudi Arabia’s Public Investment Fund, has acquired a minority stake in mixed martial arts promotion Professional Fighters League (PFL), it was announced Wednesday.
Professional Fighters League (PFL) is a member of the Business Council.
Construction & Real Estate
Saudi-based New Murabba Development Company has announced that Bechtel, a leading engineering and construction company, has been awarded a key contract to provide project management services for its mega development, New Murabba, in the capital Riyadh.
Bechtel Corporation is a member of the Business Council.
Parsons Corporation announced that the company was awarded a five-year contract by the King Abdullah Financial District (KAFD) Development and Management Company (KAFD DMC) for project and construction management services in Saudi Arabia’s prime business and lifestyle destination, the King Abdullah Financial District (KAFD). The contract supports the expansion of KAFD in new, undeveloped land.
Parsons Corporation is a member of the Business Council.
Power & Water
Rondo Energy, a leading provider of zero-carbon industrial heat and power, has raised $60 million in a new financing planned to speed the rollout of Rondo Heat Batteries (RHBs) worldwide and to transform the global energy storage market. Rio Tinto, Aramco Ventures, SABIC, SCG, TITAN, and SEEIT have joined Rondo’s Strategic Investor Advisory Board (SIAB).
Aramco is a member of the Business Council.
center3 by stc, a regional data center and data services provider, has announced a strategic collaboration with Oracle to provide hosting and data services for the planned Oracle Cloud Riyadh Region as well as support the expansion of the existing Oracle Cloud Jeddah Region.
Saudi Telecom Company (stc) is a member of the Business Council.
Satellogic signed an agreement with Quant Data & Analytics, a Saudi provider of data solutions for real estate and retail sectors. Quant plans to use Satellogic’s high-resolution satellite imagery to serve the property tech landscape in Saudi Arabia and the Gulf region.
Nvidia Corp.’s AI chips have reportedly found takers in the Middle East, with Saudi Arabia and UAE bulking up on high-performance chips that power AI software and applications.
Energy Capital Group announced on Wednesday its investment in Pure Lithium, a Boston-based company that has invented the next-generation of batteries made of lithium metal (Li-M), while simultaneously re-inventing the lithium supply chain.
Medical & Pharmaceuticals
National Resilience, Inc. (Resilience), a technology-focused biomanufacturing company dedicated to broadening access to complex medicines, and Lifera, a biopharmaceutical company wholly owned by the Public Investment Fund, have entered into a non-binding term sheet for the development of biopharma manufacturing capacity in Riyadh, Saudi Arabia.
Axiom Space has raised $350 million in a funding round led by Saudi Arabia’s Aljazira Capital and Korean healthcare firm Boryung as the startup works with NASA to develop a private space station.
Defense & Security
Ondas Holdings Inc., a leading provider of private industrial wireless networks and commercial drone and automated data solutions, and Saudi Excellence Holding Company (“Saudi Excellence”), a holding company affiliated with the Al-Ramez International Group, announced today the signing of a Strategic Alliance Agreement between Saudi Excellence and Ondas’ subsidiary Airobotics Ltd.