LOGISTICS-

Mawani + Al Jeri partner up on two logistics zones: The Saudi Port Authority (Mawani) and Al Jeri Logistics Services have inked two contracts worth SAR 160 mn to develop two logistics zones for storing and handling container at Jeddah Islamic Port and King AbdulAziz Port in Dammam, according to a press release. The zones aim to strategically position Saudi Arabia as a logistics hub and a gateway for the three continents.

MANUFACTURING-

#1- Modon allocates land for SAR 400 mn ductile pipe production project: The Saudi Authority for Industrial Cities and Technology Zones (Modon) has allocated a land plot in Dammam’s Third Industrial City to US pipe manufacturer Welspun Pipes to set up a SAR 400 mn ductile pipes plant, Modon said in a post on X. The project targets an annual production capacity of 300k tons of ductile pipes, which will be used in water transmission projects.

#2- The Saudi Power Transformers Company will supply power transformers to Hyundai Engineering for the Jafurah gas plant expansion project under a SAR 281 mn, 15-month contract, according to a disclosure to Tadawul.

ICYMI- Aramco signed contracts worth over USD 25 bn earlier this year for the development of the second phase of its Jafurah gas field and the expansion of the Kingdom’s primary natural gas pipeline. A consortium led by Hyundai Engineering is reportedly working on the project.

TOURISM-

Saudi Arabia plans to launch a sky tram by 2025 to improve access to the Cave of Hira in Makkah, Gulf News reported. The project is meant to improve the pilgrimage experience, allowing tourists to reach the cave — located in Jabal Al Noor mountain at an altitude of 643 meters — where Prophet Mohammed is believed to have received his first revelation.

FINANCIAL SERVICES-

The International Islamic Trade Finance Corporation has signed a USD 100 mn on-lending financing agreement with the Development and Investment Bank of Türkiye to support the food, agriculture, renewables, infrastructure sectors in Turkey, state news agency SPA reported.

MARITIME-

Saudi to get its first regional research vessel: King AbdullahUniversity of Science andTechnology (Kaust) has contracted Spanish shipbuilder Freire Shipyards to build the Kingdom’s first regional research vessel, it said in astatement. The ship is expected to be built by 2026, with an estimated life span of 30 years. No financial information was disclosed.

M&A WATCH-

Gulf Union Al Ahlia names advisor for potential merger with Gulf General: Gulf Union Al Ahlia Cooperative Ins. has tapped Al Jazira Capital as its financial advisor for the proposed merger with Gulf General Cooperative Ins., it said in a filing to Tadawul. The two companies signed a non-binding MoU earlier this month to explore a merger through a share-swap agreement where Gulf Union Al Ahlia acquires 100% of Gulf General. Gulf General appointed Alinma Investment as its financial advisor.

DIGITIZATION-

The Kingdom scored 85% on the Digital Experience Maturity Index for 2024, up by around 4.4% from 2023, the authority said in a statement. This year’s index measured the satisfaction rate of 175k users across 39 digital platforms. Platforms that scored the highest on the index were Tawakkalna (91.3%), General Authority for Social Ins. (91.2%), and Zakat, Tax and Customs Authority (90.4%).

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