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SUSTAINABILITY-
Roshn, Cisco to explore deploying IoT in smart cities designs: PIF-owned real estate developer Roshn signed a MoU with global networking equipment maker Cisco to employ the use of the Internet of Things (IoT) in designing and building smart sustainable cities, state news agency SPA reported yesterday. The MoU will also see Cisco deploy its advanced technologies to empower an innovation center that is being set up by Roshn.
SMART POLICY- The use of IoT (think smart lighting systems and smart thermostats) in smart cities helps improve energy consumption optimization, leading to lower costs and a reduced carbon footprint. It also has a role in ensuring the structural stability of roads, bridges and others through collected data by IoT sensors to help authorities schedule necessary maintenance to lower risks of accidents.
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NEOM-
Neom’s global roadshow “Discover Neom” in China concluded yesterday with talks on potential investments and progress at the USD 500 bn development, it said in a statement yesterday. The tour, which also saw stops at Beijing and Shanghai last week, comes as planners seek to assure investors that Neom’s build-out plan remains unchanged amid reports of a scale back of plans for the futuristic city.
DEBT-
Amlak International Finance has renewed a SAR 864.5 mn Shariah-compliant credit facility agreement with the Saudi Investment Bank for one year, it said in a disclosure to Tadawul yesterday. The financing sees a number of offered guarantees, including the assignment of receivables to the bank and a promissory note. It will help Amlak boost financing to its clients, according to the disclosure.
SERVICES-
Batic-owned Smart Cities Solutions secured a 10-year contract with solutions by stc to provide qualified employees to manage, operate and maintain 164k public parking spaces across 12 zones in Riyadh, it said in a disclosure to Tadawul. The investment size exceeds 10% of Batic’s 2023 annual revenue figure.
