WASTE MANAGEMENT-

PIF-owned Saudi Investment Recycling has signed an MoU with Greece’s Hellenic Environmental Center — a global player in waste management — that would see them set up environmental processing centers here at home. Information on the timeline and financial value of the contract was not disclosed.

Possibly in the cards: The two are discussing how to sell recycling services to ships and develop industrial waste treatment facilities.

CONSTRUCTION-

Lana Contracting, a unit of Tadawul-listed Lana Company, has landed a SAR 30 mn construction project for the Unified Military Command in Riyadh, according to a disclosure to Tadawul.

REAL ESTATE-

#1- Nomu-listed Ladun Investment has locked in a five-year rental agreement with the Real Estate Development Fund. The SAR 108 mn contract will see it rent out a four-floor office building to the fund starting Thursday, 11 July.

#2- Arab Sea Information System’s BoD has recommended buying a SAR 59 mn, 23-floor office building in Al Sahafa District, which belongs to one of its members. The building is set to become the HQ of the company and its subsidiaries, it added.

M&A WATCH-

Mayar Holding subsidiary to buy two elevator companies in one go: Elevator Solutions Investment — a unit of Nomu-listed escalator company Mayar Holding — has inked a non-binding 3-month MoU to fully take over ITM and Smart Elevators, the parent company said in a filing to Tadawul yesterday. There’s no publicly available information on the value of the potential acquisition.

A consortium of Saudi investors inked a 92-year contract to establish a 120k sqm Saudi Logistics City in Djibouti Port freezone, poised to become the Kingdom’s largest foreign logistics zone, SPA reports. No additional details regarding an investment ticket or timeline for the initiative were disclosed.

Details: The hub will cover some 120k sqm in its first phase, and will include a permanent exhibition, platforms for Saudi firms, and a trade area that includes facilities such as warehouses, SPA said. The project is set to position Djibouti’s port as a gateway for Saudi exports to Africa. Authorities from Djibouti have pledged to grant Saudi Arabian industries similar facilities and incentives to those extended to their Djiboutian counterparts at the freezone, SPA added.

HOSPITALITY-

Midad is launching the Four Seasons Private Residences in Jeddah on the Corniche, according to PR Newswire. The eight-storey hotel features suspended bridges, 247 guest rooms, 21 serviced apartments, and 64 private residences, including 2 penthouses. The hotel is still under construction and scheduled to open in 2025, according to the Four Seasons website.

FINTECH-

Tabby will integrate UAE-based traveltech player Tumodo’s services into the fintech startup’s travel management, according to Wamda. The integration is designed to provide more visibility and control over travel expenses through Tumodo alongside the financial control and payment flexibility of Tabby’s BNPL options. Tabby will use Tumodo’s platform to simplify travel logistics such as flight and accommodation booking, itinerary management, and expense reporting.

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