CONSTRUCTION-

#1- Construction resumed on the world’s tallest tower: Kingdom Holding Company officially resumed construction of the 1k-meter Jeddah Tower, set to become the world’s tallest building, it said in a post on X.

Where we last left off: Some 63 floors have been completed out of a total of 157, before work on the project was stalled in January 2018. The project’s manager Jeddah Economic Company tapped Saudi Binladin Group in October to resume construction works under a SAR 7.4 bn agreement, of which SAR 1.1 bn has been paid.

#2- Red Sea International Company’s subsidiary Fundamental Installation for Electric Work Company sealed a SAR 266 mn contract with ALEC Saudi Arabia Engineering and Contracting to install mechanical, electrical, and plumbing (MEP) systems at iLMi Science Discovery and Innovation Center in Riyadh’s Mohamed Bin Salman Nonprofit City, according to a disclosure to Tadawul. The project will take 636 days to be executed.

MANUFACTURING-

#1- Polymers recycling firm Saudi Top Trading Company is gearing up to kick off pilot production at its newly-constructed West Coast Factory in 1Q 2025, according to a disclosure to Tadawul. Rabigh Refining and Petrochemical Company (Petro Rabigh) will supply raw materials — including polymer scrap, rubber, and synthetic wax, under an agreement it signed with Saudi Top Trading around two years ago.

BACKGROUND- Saudi Top Trading’s subsidiary Saudi Summit Factory for Plastic Granules Production signed an MoU with Petro Rabigh worth SAR 100 mn in December 2022 to establish the factory in the Rabigh PlusTech Park. The facility aims to produce 50k tons annually of polymers, rubber, and industrial waxes.

#2- Saudi Ceramics Company expects to see a 2% rise in production costs on the back of Aramco’s recent hike to feedstock and fuel prices, it said in a disclosure to Tadawul. The company said it will implement cost-reduction measures and improve production efficiency to mitigate the impact of this increase.

BACKGROUND- Saudi Aramco raised domestic diesel prices by 44% to SAR 1.66 per liter for 2025, following a similar 53% hike to SAR 1.15 per liter last year. This price adjustment is part of Aramco's annual review under its pricing mechanism. The company notified Tadawul-listed industrial firms of the price changes, which took effect on 1 January.

RESEARCH-

Prince Sultan University rolled out an AI initiative for students offering training programs and joint research projects, along with other programs involving global experts, according to a statement from the non-profit private university. The initiative — launched in partnership with deep tech AI firm Intelmatix and researchers from 10 international universities — aims to boost innovation in education automation, robotics, and data analytics.

MINING-

Tahreez + Fleet set to launch AI-powered mineral exploration JV: Alturki Holding ’s engineering and technology contracting arm Tahreez signed an MoU with Australia’s Fleet Space to form a mineral exploration joint venture, according to a statement. The JV will utilize space tech, AI, and Fleet Space's ExoSphere platform to accelerate exploration in the Arabian Shield region and establish a local base of operations across the Kingdom.

FINANCIAL SERVICES-

Cenomi Centers partnered with Visa to introduce flexible loyalty programs using Visa’s payment solutions later this year, according to a press release. The partnership will replace the current Cenomi Rewards app and will see the launch of co-branded Visa cards.

PHARMA-

Saudi companies are in talks with Oman’s Health Ministry to establish joint pharma factories in Muscat, Aleqtisadiah reports, citing anonymous sources. No further details were provided on the projects’ timeline or investment ticket.

Tags: