A Saudi-Egyptian consortium to invest USD 2 bn in Egypt’s hospitality and leisure sector: Local developer Sumou Holding and its subsidiary Adeer inked an MoU with Egypt’s MIDAR and Hassan Allam Holding to invest USD 2 bn in hospitality and leisure projects along the Nile in Cairo or within MIDAR’s cities, according to a press release (pdf).

Hassan Allam and Somou are no strangers: Sumou Holding inked an MoU in March lastyear with Hassan Allam Properties — the real estate arm of our friends at Hassan Allam Holding — to set up a JV to open up cross-border investments for the companies in Saudi Arabia and Egypt and to share expertise. Hassan Allam also inaugurated its Saudi HQ in March.

REMEMBER- Adeer has big plans for Egypt: The Sumou subsidiary plans to invest USD 400 mn in the Egyptian real estate sector over the next five years, CEO Bassel El Serafy said in July. Adeer is also looking to acquire half of Egyptian developer Melee Development, which it currently works with on a SAR 1 bn project developing three Saudi sports clubs across Riyadh, Jeddah, and Khobar. Additionally, Adeer had unveiled plans mid-last year to build a mixed-use development in the eastern part of Cairo with Egyptian real estate developer Paragon Developments, the first phase of which is expected to generate EGP 80 bn (SAR 6.3 bn) in sales.

HOSPITALITY-

Catrion to provide catering services for Saudi German Health hospitals: Catrion Catering Holding landed a three-year, SAR 114 mn contract with Saudi German Health to supply meals and beverages, among other services for employees and patients, at the company’s hospitals in Jeddah, Riyadh, Dammam, Hail, Aseer, Makkah, and Madinah, according to a disclosure to Tadawul.

TECH-

AI services providers are now required to apply for accreditation certificates from the Saudi Data and AI Authority (SDAIA) in a move which aims to boost reliability and oversight, state news agency SPA reports. The one-year certificates will include incentive tags that categorize the level of risk associated with using or developing the product or service. Applications are available on SDAIA’s website.

AEROSPACE-

Neo Space + Esri Global partner to boost Saudi Geospatial sector: PIF-backed Neo SpaceGroup inked an MoU with geographic information system technology provider Esri Global to strengthen the geospatial sector in Saudi Arabia, according to a statement. Under the agreement’s terms, Neo Space and Esri will also partner on training programs and workshops to develop Saudi skills and expertise in geospatial services.

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