MANUFACTURING-

The Kingdom gets the world’s first graphene-enriched carbon fiber venture: Homegrown Organized Chaos Holding (OCH) and the UK-based Graphene Innovations Manchester (GIM) launched the world’s first graphene-enriched carbon fiber venture in Saudi Arabia, according to a press release. The new entity, GIM GrapheneFibre, is expected to add SAR 6 bn to the Saudi economy.

We knew this was coming: GIM said earlier this month it was gearing up to roll out the world’s first commercial graphene-enhanced carbon fiber line in partnership with Neom, with the collaboration promising GBP 250 mn in investments into a Manchester-based R&D hub.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

MINING-

The Kingdom gears up to launch a commercial pilot program for direct lithium extraction from brine at Aramco’s oil fields, after it was detected in gathered brine samples, Deputy Industry and Mineral Resources Minister Khalid Al Mudaifer told Reuters. The project will be led by startup Lithium Infinity (Lihytech), along with PIF’s Ma’aden and Aramco. Al Mudaifer believes the project could become commercially viable if lithium prices continue to rise.

EXPANSION-

Saudi-based influencer marketing platform Halo AI officially launched its operations in the Kingdom, according to a press release. The platform uses AI tools to help brands reach out to small influencers to promote their products. Halo AI plans to launch in the UAE and Kuwait next.

REGIONAL HEADQUARTERS-

Global event organizers RX Global, Messe München, and Clarion Events agreed to open regional offices in the Kingdom, the Saudi Conventions and Exhibitions General Authority said. No further details were disclosed.

TRADE-

Saudi Arabia imposed definitive anti-dumping measures on PVC-coated textiles and fabrics from China and South Korea, with rates ranging from 25.6% to 51%, effective for five years from now, according to a statement from the General Authority of Foreign Trade. The decision came following an investigation triggered by complaints from several domestic industry players.

REMEMBER- The Kingdom also imposed anti-dumping tariffs on Russian and Chinese imports of Sulphonated Naphthalene Formaldehyde — a water-reducing agent used in concrete mixing — earlier this month.

INFRASTRUCTURE-

PIF-backed developer Diriyah awarded a SAR 758.5 mn (USD 202.2 mn) contract to China Harbour Engineering Company for bulk excavation for the second phase of the Diriyah project, according to a press release. The work will prepare the site for cultural assets, including the Royal Diriyah Opera House and a 20k-seat Diriyah Arena.

REAL ESTATE-

RetalUrban Development signed a SAR 349 mn contract with its subsidiary Building Construction Company to develop 502 residential units in Riyadh’s Al Fursan district, according to a disclosure to Tadawul. The 2.5-year contract will be financed through existing loans and off-plan sales.

LOGISTICS-

Saudi conglomerate Falak partnered with Egypt’s Al Tawakol for Steel Fabrication andGalvanization to manufacture and supply telecommunications towers for the Saudi market under a supply chain agreement they signed, according to the Egyptian State Information Service.

ALSO- The agreement covers expanding specialized steel and galvanization operations, supporting participation in public sector tenders, and supporting future cooperation between the pair on broader industrial projects.

DEBT WATCH-

Modular building solutions firm Red Sea International lined up a SAR 392.2 mn shariah-complaint loan with Riyadh Bank, according to a disclosure to Tadawul. The three-year facility will be used to secure bank guarantees for a project signed with Italian construction firm Webuild to build a staff camp.

Tags: