# SAR lines up CHF 254M for Stadler trains, CMA opens IPO consultation

> Saudi deals for September 21 to 27, 2026: rail financing from Swiss and German lenders, draft IPO rules and two pre-seeds.

Saudi deal log, 13 Oct 2026. By Ali Asif. News and my own view, not investment advice.

## My take

After a heavy week, this one was quiet on rounds and busy on plumbing. The railway financing and the CMA draft rules are the kind of deals that do not trend but do decide how much capital shows up later. If you advise a Saudi issuer or a lender, those two are the ones to read in full.

## What moved

1. **Saudi Arabia Railways signs CHF 254M export credit financing for 10 Stadler trains** (Saudi Arabia Railways (SAR), Sovereign and funds): Amount: CHF 254M. Investors: KfW IPEX-Bank, Commerzbank, UBS Switzerland, Swiss Export Risk Insurance (SERV). The facility finances 10 five-car passenger trains and lifts the total Stadler order to 20 trains, signed during InnoTrans in Berlin. [Primary source](https://www.lw.com/en/news/2026/10/latham-advises-saudi-railway-company-on-chf-254-million-export-credit-facility)
2. **CMA opens consultation on tighter underwriting and bid rules for IPOs** (Capital Market Authority, Policy and regulation): Draft rules would require signed underwriting before book building, liquidity-verified binding bids and one year of forward-looking disclosure, with comments open until October 22. [Primary source](https://enterpriseam.com/ksa/2026/09/27/cma-wants-banks-to-guarantee-ipos-and-investors-to-fund-their-bids/)
3. **AREP raises an undisclosed pre-seed round** (AREP, Venture): Investors: Golden Assets Investment. A lab-science training and equipment marketplace for Saudi institutions closes its first disclosed round. [Primary source](https://www.wamda.com/en/2026/09/arep-raises-pre-seed-funding-saudi-expansion-eyes-regional-growth)
4. **TalMal lands an undisclosed pre-seed round** (TalMal, Venture): Investors: MM Partners. A salary-backed purchasing platform connecting employees, employers and merchants raises money to grow its corporate network. [Primary source](https://www.wamda.com/en/2026/09/saudi-fintech-talmal-lands-pre-seed-investment-local-expansion)

Last week I wrote about $329 million rounds. This week the biggest item was a loan, and I think it matters more.

## Saudi Arabia Railways and Stadler

Saudi Arabia Railways signed a CHF 254 million export credit facility to pay for 10 new Stadler passenger trains. KfW IPEX-Bank led, Commerzbank and UBS Switzerland joined as lenders, and Swiss Export Risk Insurance (SERV) provided the export credit cover. Latham & Watkins advised SAR. The trains are five cars with 302 seats each, and the order now stands at 20 trains.

I'd pay attention to the structure. A state-owned operator is borrowing from European banks against an export credit agency guarantee, which is the same tool project finance people use for aircraft and power plants. For a founder selling into infrastructure, that is a reminder that suppliers' home governments often arrive with the financing.

## The CMA draft rules

The Capital Market Authority put draft IPO provisions out for public comment on September 22. Underwriting agreements would need to be signed before book building starts. Large bids would be checked against available cash and become binding by the payment deadline. Issuers would publish at least a year of forward-looking figures. Comments run through October 22, and the rules would take effect on November 2 if approved.

If you are weighing a Tadawul listing, this changes the preparation work. You need a bank that will stand behind the whole book and forecasts a financial adviser will sign off on. It is more homework, and it should make the books that do launch more credible to buyers.


## Two pre-seeds

AREP, a lab-science training and equipment marketplace, closed an undisclosed round led by Golden Assets Investment. TalMal, a salary-backed purchasing platform, closed one with MM Partners. Both amounts are undisclosed, so there is little to read into them.

## What I'd watch next

The CMA comment period closes October 22. I'll also watch whether September's total startup funding number, due in early October, reflects the big mid-month rounds.

## Sources

- https://www.lw.com/en/news/2026/10/latham-advises-saudi-railway-company-on-chf-254-million-export-credit-facility
- https://enterpriseam.com/ksa/2026/09/27/cma-wants-banks-to-guarantee-ipos-and-investors-to-fund-their-bids/
- https://www.wamda.com/en/2026/09/arep-raises-pre-seed-funding-saudi-expansion-eyes-regional-growth
- https://www.wamda.com/en/2026/09/saudi-fintech-talmal-lands-pre-seed-investment-local-expansion

Canonical: https://heyaliasif.com/deals/2026-09-21-week-in-saudi-deals