TOURISM-

The Saudi Tourism Authority (STA) has signed more than 14 agreements on the sidelines of the ITB Berlin 2024 travel forum, which wrapped up on Thursday, it said in a post on X. Among these, a partnership with Trip.com Group to attract an additional 350k tourists to the Kingdom over the next year and promote Saudi tourism on its site. Flynas is set to launch a new route between Jeddah and Berlin, starting Sunday, 1 September 2024, with three flights weekly, to enhance access to Saudi’s sites and increase passenger numbers.

ALSO- Eurowings partnered up with the Saudi Air connectivity Program to launch direct flights connecting Cologne and Berlin to Jeddah beginning operations in October 2024. Furthermore, STA will collaborate with Visit Bahrain, Visit Oman, and Qatar Tourism to promote the GCC region as a tourist destination.

REAL ESTATE-

Tadawul-listed Al Baha Investment and Development can now directly develop land and residential projects without the need for an intermediary after receiving a license from the Municipal, Rural Affairs and Housing Ministry, it said in a disclosure to Tadawul last week. It can also launch off-plan sales, lease real estate assets and get into exclusive partnerships with the ministry and other real estate developers both within and beyond the Kingdom. The real estate developer has also been granted an exemption from real estate supplies tax.

DEBT WATCH-

Alkhorayef Water and Power Technologies (AWPT) has obtained a shariah-compliant facility worth SAR 536 mn from Al Rajhi Bank to finance its subsidiary Package 6 Co. for Environmental Services, it said in a disclosure to Tadawul last week. The funds will be directed to operation and maintenance contracts for sewage treatments plants in Riyadh.

CONSTRUCTION-

Ladun Investment’s subsidiary Built Industrial has signed a SAR 169.5 mncontract with the Royal Commission for Jubail and Yanbuto develop prefabricated buildings, it said in a disclosure to Tadawul last week. The contract covers the development of a 154.5k sqm land area in Jazan City for Primary and Downstream Industries, including the construction of 38 prefabricated industrial buildings and two security guard buildings that span 38.8k sqm.

STARTUP WATCH-

Homegrown food tech startup Barakahis eyeing a wider expansion to the GCC and in the region after landing fresh investment from European early-stage VC investor FoodLabs, co-founder and CEO prince Abdulaziz bin Al Saud told Asharq Business in an interview (watch, runtime: 2:38). “Our objective is to become the largest surplus marketplace in the Middle East and North Africa,” he said, without providing further details on the investment made by FoodLabs.

About Barakah: Launched in 2021, Barakah is an online marketplace that allows food and beverage retailers to sell their surplus products and meals through its platform in a bid to better manage food waste. It currently operates in six cities in Saudi, including Jeddah, Riyadh, Dammam, Khobar, Makkah and Madinah, according to its CEO.

Barakah has locked in agreements with over 800 retailers operating in the local market including Starbucks, Tim Hortons and Cinnabon, he said. It has managed to save over 350k meals in 15 months, he added.

TECH-

KACST talks tech collaboration with US delegation: King Abdulaziz City for Science and Technology (KACST) President Munir Eldesouki discussed collaborating in future communications technologies during a meeting with US Deputy National Security Advisor for Cyber and Emerging Tech Affairs Anne Neuberger, Saudi Gazette reported last week. The talks included the deployment of Open RAN innovations, advancements in cybersecurity, and leveraging AI in smart networks among others

CAPITAL MARKETS-

Mulkia Investment has received regulatory approvals for the public offering of its Mulkia Murabaha and Saving Fund, according to a Capital Market Authority statement last week. The investment company is also trying to establish a separate real estate fund.

Tags: