INFRASTRUCTURE-

#1- PIF unit kicks off water projects worth a combined SAR 1.5 bn: The National Water Company has begun implementing 12 water and sewage network projects worth a combined SAR 1.5 bn in 50 neighborhoods in the Eastern Province, state news agency SPA reports.

The breakdown: Some SAR 530 will be allocated to Al-Khobar, and another 498 mn will go to projects in Dammam, while Al-Qatif’s share of the investments is at SAR 357 mn, Al-Aziziah at SAR 27 mn, Dhahran at SAR 17 mn, Al-Ahsa at a combined SAR 30 mn, and Hafar Al-Batin at SAR 24 mn.

#2- Red Sea International subsidiary Fundamental Installation for Electric Work secured a SAR 113 mn EPC contract for Jeddah Central Development, according to a disclosure to Tadawul. The company will provide engineering, procurement, and construction services for mechanical and electric works related to site preparation and infrastructure at Jeddah Central Development Project with Modern Building Leaders. The contract runs for 379 days.

TECHNOLOGY-

Al Moammar Information Systems inked a SAR c. 72 mn contract with the National Center for Government Resources Systems to establish a continuous monitoring system for NCGR in a bid to boost the center’s control mechanisms and financial risk management, according to a disclosure to Tadawul. The contract runs for a period of 36 months.

DEBT-

Al Rajhi Bank is lining up a USD-denominated sukuk issuance, it said in a disclosure to Tadawul, without providing details on the expected size or timeline for the debt sale. The issuance, which will be made through an SPV, will come under its tier 1 capital sukuk program. The debt will be made available to Saudi and international investors.

Advisors: The banking giant hired Al Rajhi Capital Company, Citigroup Global Markets, Dubai Islamic Bank, Emirates NBD Bank, Goldman Sachs International, HSBC, and Standard Chartered Bank as joint lead managers & bookrunners.

INS.-

Privately-held Saudi company Tharwaa Gulf Holding has offloaded its entire 15% stake in Allied Cooperative Ins. Group (ACIG), ACIG said in a filing to Tadawul. Tharwaa divested its stake, equivalent to 4.4 ordinary shares, in a private sale to Riyadh-based Private Wealth Investment Holding at a price of SAR 65.5 mn.

MANUFACTURING-

Methanol Chemicals (Chemanol) has been allocated a plot of land for its upcoming SAR 420 mn methane plant in Jubail’s PlasChem Park, under an agreement with Jubail and Yanbu Industrial Cities Services, it said in a disclosure to Tadawul. Chemanol plans to set up and run its choline chloride and methyl diethanolamine methane facility in the park.

Background: The company lined up its feedstock allocation needs for the facility from the Energy Ministry back in December of last year, for the purpose of producing a range of specialty petrochemical products set to be “the first of their kind in the region,” it said in an earlier disclosure. 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.

ENTERTAINMENT-

More UFC in KSA: Riyadh Season will host another Ultimate Fighting Championship (UFC) event during the Riyadh Season 2024-2025, after signing an agreement to extend its partnership with UFC, General Entertainment Authority Chairman Turki Al Sheikh said on X. Riyadh will also host Power Slap competitions (a subset of the UFC brand), and secures a sponsorship from Riyadh Season for the scheduled UFC fight at Las Vegas’ The Sphere, which will be named Riyadh Season Fight. Riyadh Season has been working to host and sponsor prominent global attractions to diversify and expand its audience and content.

What’s next: The first UFC event taking place under the extended partnership is scheduled for 22 June, 2024. Middleweights Khamzat Chimaev and former champion Robert Whittaker will meet for the UFC Fight Night at the Kingdom Arena.

LOGISTICS-

Saudi tech firm TruKKer now has a new integrated freight forwarding subsidiary, Omnilog, offering different air, sea, and land freight to connect major trade lanes in Asia, Europe, and both Americas, the company said on Tuesday. The subsidiary is now operational in the UAE, KSA, and Turkey, TruKKer said. No further details were disclosed.

About TruKKer:TruKKer is a digital freight network player connecting businesses with truck operators on busy inter-GCC and inter-Middle East land routes. The company runs an asset-light model, meaning it facilitates bookings through its platform without directly owning trucks. TruKKer’s investors include IFC, Abu Dhabi's Mubadala and ADQ, Saudi Technology Ventures, and Investcorp.

TOURISM + REAL ESTATE-

#1- Seera Group’s Almosafer will promote tourism developments for the Public Investment Fund’s Red Sea Global (RSG) under a new partnership, according to a statement (pdf). The agreement will see Almosafer work on marketing RSG’s touristic projects, host workshops, and provide training services to improve RSG’s services. Almosafer will also curate experiences and feature RSG’s destinations on its consumer travel platform, corporate travel segment, and its destination management company, Discover Saudi, it added. No further information was disclosed.

#2- Neom is adding a new residential luxury marina development on the Gulf of Aqaba coast, it said in a statement (pdf). The development, Jaumur, is set to include 500 apartments, some 700 luxury villas, and two 350-key hotels with a combined capacity to house up to 6k residents, Neom said. Some of the planned units have access to a waterfront and private boat docks. Jaumur will also feature a boarding school and a marine sciences research institute, along with cultural and entertainment spots, retail shops, and restaurants. No details were provided on the cost or timeline for the new development.

HOSPITALITY-

Tadawul-listed real estate firm Taiba Investments will implement an advanced cloud-based reservation system across its portfolio of 20 hotels, under a new partnership with Nasdaq-listed software company Sabre Corporation, they said in a joint press release. The platform — Synxis Central Reservation System — will help hotels manage their bookings, inventories, and pricing, in addition to increasing their online visibility.

EDUCATION-

Saudi Arabia and Canada are looking to increase educational cooperation through joint research, technical training, capacity building, student and faculty exchange, curriculum development and opening external centers, Saudi Education Minister Youssef Al Benyan and Canada’s Ambassador in Riyadh Jean-Philippe Linteau said at the Saudi-Canadian Forum for Educational Partnership, which began on Tuesday, according to Asharq Al Awsat. The two sides focused in particular on information technology, tourism, health care, clean energy, mining, and agriculture.

FASHION-

The Saudi Fashion Commission rolled out the first-of-its-kind product development studio in Riyadh, named The Lab, news state agency SPA reports. Located in Mohammed bin Salman Nonprofit City, the Lab will offer workshops, training programs, and design facilities to streamline the clothes manufacturing process, in an effort to support the local fashion scene.

Tags: