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REAL ESTATE-
#1- PIF-owned Roshn is developing Makkah’s first multi-use communit complex in Makkah, state news agency SPA reported yesterday. The first phase of the project, which spans 2.5 mn sqm, will offer 4.15k residential units including villas, townhouses and apartments. It will include a full fledged business complex, a regional business hub and eight malls. Green spaces will cover 12% of the project’s total area of the project, with valleys cutting through the Al Manar neighborhoods to create flexible green infrastructure. Al Manar is Roshn’s fifth mixed-use development across the Kingdom.
#2- Tadawul-listed Al Khaleej Training & Education has leased out a SAR 380 mn educational and residential complex in Riyadh to Multinational Educationa, it said in a disclosure to Tadawul. The contract is valid for 19 years and eight months.
TRANSPORT
Mubarrad to deliver Nadec’s products locally and regionally: Riyadh-based Saudi Transportand Investment Company (Mubarrad) — a subsidiary of Batic Investment and Logistics Company — has signed a SAR 32.2 mn three-year contract with dairy firm National Agricultural Development Company (Nadec) to transport its range of refrigerated, non-refrigerated, and dry products across domestic and regional markets, it said in a disclosure to Tadawul. Under the contract, Mubarrad will use its trucks and trailers to transport Nadec’s products across the GCC and other Arab markets.
INS.
UCA extends ins. coverage to Saudi BinLadin Group: United Cooperative Assurance (UCA) has renewed its engineering ins. agreement with construction giant Saudi BinLadin Group for an additional one year and nine months, it said in a disclosure to Tadawul. The extension will see UCA continue to provide contractors’ all risk ins. coverage to Saudi BinLadin for its expansion of the Grand Mosque in Makkah. The contract was originally signed in September before it was renewed in January earlier this year for a period of three months, according to the UCA.
ADVERTISING-
Arabian Contracting Services (AlArabia) has secured billboard rights at Makkah’s mega project Masar after signing an advertising concession agreement with project developer Umm Al Qura Development and Construction, it said in a disclosure to Tadawul. Under the agreement, the outdoor advertising services provider will install and operate billboards at Masar for 15 years. The agreement will be based on revenue sharing or the annual minimum guarantee, it said.
About the project: Masar is an urban development project spanning 1.2 mn sqm with a central pedestrian boulevard leading to the city’s Grand Mosque. It aims to boost connectivity to the mosque and serve visiting pilgrims and local residents.
