RAIL-

Saudi Arabia Railways has inked a contract with Al Jabr Automotive to transport thousands of cars annually via freight trains, according to a statement. Under the terms of the four year agreement, SAR will transport the vehicles from King AbdulAziz Port in Dammam to a storage and distribution yard in Dammam, writes state-owned Saudi Press Agency. SPA is presenting the pact as “first-of-its-kind” agreement that will also reduce the Kingdom’s emissions cutting the number of road trips taken by vehicle carriers.

CHEMICALS-

Speciality chemical production: The Methanol Chemicals Company (Chemanol), one of the world’s largest producers of speciality chemicals, has secured Energy Ministry allocations of the feedstock it needs to produce a range of specialty petrochemical products set to be “the first of their kind in the region,” it said in a disclosure to Tadawul yesterday. Output of methyl diethanolamine, choline chloride dimethyl disulfide, and N-methyl pyrrolidone will be used in the oil and gas, pharma, fertilizers, carbon capture industries, among others.

TRADE-

The KSA-Qatar Business Council met to discuss expanding bilateral trade and investments during the Made in Qatar 2023 exhibition, a statement by the Qatar Chamber read last week. Trade exchange between the two countries stood at QR 2.2 bn in 2022, a figure “that does not align with the aspirations of both sides,” according to the statement.

SPORTS-

PIF-backed Professional Fighters League (PFL) has landed a new multi-year broadcast agreement with sports network ESPN where the league will continue to broadcast its events including the regular season, playoffs, and world championship on the Disney-owned channel, according to ESPN website. SRJ Sports Investment — a subsidiary of the Public Investment Fund — bought a minority stake in PFL back in August, in a transaction that will see PFL launch an MMA league and Super Fight division in the Kingdom.

AUTOMOTIVE-

Lumi, MachinesTalk partner up for IoT powered car-sharing tech: Riyadh-based LumiRental Company signed a five-year SAR 28 mn agreement with IoT solutions provider MachinesTalk to boost fleet management through IoT and AI with satellite supported car sharing platform.

AND- Lumi has landed a purchase order worth 41.8 mn from the Royal Commission for Al Ula (RCU) to provide vehicle rental services to the commission, per a disclosure to Tadawul.

It’s been an eventful couple of months for the company: Lumi made its market debut on Tadawul in late September after it raised USD 290 mn in an IPO that saw it sell 30% of its shares on the market.

AEROSPACE-

Budget airline Flynas and Brazilian electric aircraft maker Eve Air Mobility want to roll out eVTOLs in Riyadh and Jeddah in 2026. The two inked an agreement last week on the potential rollout of the electric vertical takeoff and landing (eVTOL) aircraft and will study whether they can roll out the product as early as 2026.

What are eVTOLs again? These drone-like aircraft use electric propulsion and large omnidirectional fans to allow them to takeoff vertically, making them energy efficient, quiet, environmentally friendly, and eventually pilotless. Beyond their use as air taxis, the vehicles are expected to be able to operate on an inter-city basis and even be used for cargo shipping.

BACKGROUND- eVTOLs has been gaining steam in the kingdom, with Neom and German flying taxi maker Volocopter having successfully tested the kingdom’s first electric air taxi. Neom Investment Fund committed some USD 175 mn to Volocopter last year.

IN OTHER FLYNAS NEWS- Flynas launched its first direct flight between Jeddah and Brussels, it announced in a statement earlier this week. The budget airliner is set to operate three weekly flights to the next destination, it added.

SPACE-

Saudi Space Agency collaborates with Sierra Space:The Saudi Space Agency (SSA) has signed an MoU with US-based commercial space company Sierra Space to exchange knowledge on the development in the space field, SPA reported on Saturday. The agreement will focus on facilitating training for students and on-the-job training for SSA employees among other aspects of cooperation.

M&A-

Taiba to acquire 100% of Dur:Dur Hospitality Co’s board of directors has approved an offer by Taiba Investments to acquire 100% of the company’s issued shares, it said in a statement to Tadawul yesterday. Taiba shareholders approved a capital increase from SAR 1.6 bn to SAR 2.6 bn to acquire Dur’s 100 mn shares under the agreement terms, Argaam reported. It will be raised through the issuance of a new share in Taiba in exchange for every share of Dur. The transaction will see Dur go private as it delists its shares.

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