One step closer to Sabic Agri-Nutrients’ sixth plant

RENEWABLES-

Sabic Agri-Nutrients gets locks in feedstock supply for sixth plant: Fertilizer maker Sabic Agri-Nutrients has received approval from the Energy Ministry on the allocation of the feedstock it needs for its new plant in Jubail Industrial City, its sixth overall, it said in a disclosure to Tadawul. The plant will produce 1.2 mn tons of blue ammonia per year, in addition to 1.1 mn tons of urea and specialized fertilizers. No financial details were provided.

ICYMI- Sabic Agri-Nutrients revealed plans earlier this year to launch several decarbonization projects in the decade starting 2026 in a bid to reach net zero by 2050.

REAL ESTATE-

Tadawul-listed Dallah Healthcare, Dallah Real Estate, Tatweer, and asset management firm AlJazira Capital will launch a real estate investment fund worth over SAR 1.2 bn with a focus on Riyadh, Dallah Healthcare said in a disclosure to Tadawul. The fund will seek the acquisition and development of plots in Riyadh. Sources unveiled plans for the fund to Aleqtisadiah in late June.

What we know: Both Dallah Healthcare and Dallah Real Estate will be contributing their owned plots as an investor in kind, while Aljazira Capital will act as fund manager. Tatweer will be investing funds and overseeing construction of a mixed-use project with commercial, office, hotel, and healthcare facilities.

INFRASTRUCTURE-

Jazan City for Basic and Transformative Industries awards infrastructure tenders: Jazan City for Basic and Transformative Industries has awarded tenders worth SAR 315 mn to three companies for infrastructure projects in Jazan Special Economic Zone, state news agency SPA reported. The contracts were inked with China Harbor Middle East Division, Al Dafe Trading and Contracting, and Walid Muyghashi. The timeline for the projects and breakdown of individual responsibilities was not specified.

What’s in the cards? The tenders cover the design and construction of three bridges to link the deposit and re-export areas in the Jazan Special Economic Zone (SEZ) to the port city, according to SPA. The projects also include the development of a service support warehouse and temporary storage facilities.

UTILITIES-

Alkhorayef awarded SAR 191 mn in contracts to install water, sewer connections in six regions: Alkhorayef Water and Power Technologies was awarded 36-month blanket purchase contracts worth SAR 190.8 mn by the National Water Company to install water and sewer service connections in six regions in the Kingdom, it said in a disclosure to Tadawul. The regions are Al-Qassim, Hail, Jazan, and the Eastern Region’s northern, central, and southern districts.

DEBT WATCH-

Tadawul-listed Saudi Paper Manufacturing Company (SPM) has signed a one-year, Shariah-compliant SAR 150 mn credit facility agreement with Emirates NBD Bank to fund its working capital needs and the purchase of raw materials ahead of starting commercial operations of its fifth production line, it said in a disclosure to Tadawul.

Remember: SPM signed two MoUs with Italian paper firm Toscotec to procure its fifth and sixth production lines, each with an annual capacity of 60k tons. A SAR 166 mn agreement was signed in 2022 for the company’s fifth production line, and a SAR 300 mn one was signed earlier this year for its sixth line. The new lines will help bring the paper manufacturer’s total capacity to 250k tons annually.

REAL ESTATE-

Sumou Real Estate to develop 1.1k residential units in Yanbu: Tadawul-listed Sumou Real Estate will build around 1.1k residential units in Yanbu Industrial City and develop the city’s infrastructure under a SAR 1.3 bn agreement it signed with Jubail and Yanbu Industrial Cities Services Company (Jabeen), according to a disclosure to Tadawul. Construction will take 36 months to complete. Jabeen is the investment arm of the Royal Commission for Jubail and Yanbu.

FINANCIAL SERVICES-

Amwal, Tradeweb obtain CMA licenses: Riyadh-based Amwal Capital AlMaliyah has been cleared by the Capital Market Authority (CMA) to manage investments in the securities business, according to a CMA statement. The market regulator also granted New York-based fintech firm Tradeweb a license to carry out securities exchange as an alternative trading system for sukuk and debt instruments, according to a separate statement.

TOURISM-

Flynas runs its first flight to Egypt’s New Alamein: Low-cost Saudi airline Flynas launched its first direct flight to El Alamein International Airport on Thursday, it said in a post on X.