Acquisitions in Riyadh Province, Saudi Arabia

Watts Water Technologies has completed the acquisition of Saudi Cast, a Riyadh-based manufacturer of cast iron and stainless steel drainage solutions. Funded entirely with cash on hand, the deal expands Watts’ footprint in Saudi Arabia and the broader Middle East and strengthens its nonresidential and industrial drainage systems offerings.

Investcorp has acquired a majority stake in Nour Internet for Communication and Information Technology Company (NourNet), a leading Saudi provider of connectivity, cloud, cybersecurity and managed ICT services. The investment, made by an entity managed by Investcorp as part of its Saudi Pre-IPO Growth Fund, will support NourNet's service and geographic expansion and prepare the business for future growth and potential listing.

dropp group acquired Phly, Inc. ("Flyy"), a social metaverse platform, for $25 million to accelerate development of MetaReality — a physical digital twin/metaverse experience accessible via droppTV. Flyy founder Adel Al Massarani joined dropp as Chief Metaverse Officer to lead the new MetaReality division and integrate Flyy’s city-scale 3D mapping, NFT minting and social metaverse capabilities into droppLabs’ innovation stack.