INFRASTRUCTURE-

#1- Al-Akaria pens a metro excavation agreement with Diriyah: Binyah — a unit of Saudi Real Estate (Al-Akaria) — will carry out excavation work for a new metro line under a SAR 722 mn contract with PIF-owned Diriyah Gate, Al-Akaria said in a filing to Tadawul. The freshly-inked contract will be valid for 3.5 years. No further information was available.

ALSO- Al-Akaria has inked a SAR 160 mn full-scope construction contract for Tilal Al Riyadh in Al Malqa district with its fully-owned subsidiary Saudi Real Estate Construction Company (Tamear), it said in a separate filing to the exchange. The project’s implementation includes civil, structural, architectural, electromechanical and external works. The contract will run for 22 months.

#2- Ladun Investment subsidiary to implement infrastructure for State Security: BuiltIndustrial Company — a subsidiary of Ladun Investment — signed a SAR 348 mn contract with State Security to implement architectural, electrical and mechanical works for the security agency’s new building at the Naif Security Complex in Riyadh, it said in a disclosure to Tadawul.

AVIATION-

#1- Riyadh Air partners up with AI consultancy Artefact, as they aim to build “Riyadh Air’s data analytics platform and develop AI solutions across its [the airline] main business and corporate functions,” according to a joint statement. These AI solutions include guest experience personalization, real time data on flight and ground operations, and selling air and non-air product offerings. The Kingdom’s flagship carrier’s first flight is slated for 2025. No further information was provided.

#2- Budget airliner flynas received its fiftieth Airbus A320neo yesterday, it said in a post onX yesterday. The aircraft is part of a 120 A320neo purchase order by flynas from Airbus under a SAR 32 bn agreement in 2017.

AUTOMOTVE-

South Korean automaker Tata Daewoo plans to build a truck assembly plant in Saudi under a freshly-inked MoU with its local distributor Saudi Diesel Equipment (SDEC) and homegrown producer Perfect Arabia Factory (PAF), Korea Economic Daily (KED) reported earlier this week. The truckmaker will provide local technology support, while the SDEC and PAF will work together to co-assemble the new trucks. It aims to export 1k trucks per year as well as serve domestic demand from “ major construction projects such as Neom City and Amiral Petrochemical Complex.”

REAL ESTATE-

Infath is auctioning some 150 properties across the Kingdom: Independent governmental center the Entrustment and Liquidation Center (Infath) began public auctions to sell and liquidate 150 residential and commercial projects across ten regions in the Kingdom, state news agencySPA reported. Bidding began on Monday, 1 April and will run until Monday, 15 April.

CULTURE-

A Saudi-Chinese partnership for heritage preservation: The Royal Commission for AlUla (RCU) inked a “strategic partnership” with the Cultural Heritage Administration of Chinese Henan Province to help boost heritage preservation, state news agency SPA reported yesterday. The partnership will also focus on archaeology, research, talent development, tourism and others. They will also conduct excavation activities in heritage sites in AlUla and Henan.

INVESTMENT-

The Social Development Bank is allocating SAR 1 bn from its private sector donors to support entrepreneurs, its VP of Strategy and Innovation Sector Muied Al Bishi told Al Eqtisadiah yesterday. The announcement came on the sidelines of a MoU signing between the bank and Jahiz Group to set up a SAR 30 mn financing portfolio to support the bank’s CSR program.

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