INFRASTRUCTURE-

#1- More roads for Asir: The government launched eight new road projects in the Asir Region spanning a total of 145 km at an estimated cost of SAR 752 mn, state news agency SPA reports.

Here’s a breakdown of the projects, according to a post on X from the Roads General Authority:

  • A SAR 215 mn project will see the duplication of the 10 km long road of Al Farshah – Al Raboah – Al Jurbah – Dhahran Al Janub;
  • A SAR 126 mn project will see the construction of the 14 km long road of Bahr Abu Sukaynah – Al Haridhah;
  • A 125 mn project that will see the duplication of the 30 km long road of Khamis Mushait – Bisha;
  • An SAR 84 mn project that involves the duplication of the 40 km long road of Bisha – Ranyah;
  • A SAR 70 mn project that involves resuming the duplication of the 5 km long road of Abha – Taif;
  • A SAR 57 mn project that involves resuming the construction of the intersection between Mansak’s Highway 40 and King Abdullah road, as well as the intersection between King Abdullah road and Ahad Rafidah road;
  • A SAR 49 mn project that involves resuming the construction of 16 km long roads of Muhayil – Saeedat Alswaleha, and Al Mouqatara – Akhafah – Qarn Mikhled;
  • A SAR 26 mn project that involves the resuming the construction of the 17 km long road of Khamis Mushait – Al Emara – Shear.

#2- The Saudi Public Transport Company signed a one-year SAR 113.85 mn contract with the Development of Madinah Authority to operate shuttle transportation services for the Pilgrims Experience Program in Madinah, it said in a disclosure to Tadawul.

REAL ESTATE-

First Avenue to add two properties to the La Perle Real Estate Fund: First Avenue for RealEstate Development signed a contract with La Perle Real Estate Fund to sell the La Perle West project in Jeddah’s Al-Shatei district and a nearby land for a combined value of SAR 126 mn, which it will obtain as units in the fund, it said in a disclosure to Tadawul. La Perle West, sold for SAR 93 mn under the transaction, is a six-story office tower that also features commercial spaces. The transaction will see First Avenue net some SAR 19.5 mn in capital gain this year.

REMEMBER- First Avenue entered into a non-binding agreement earlier this month with AWJReal Estate Development to set up the La Perle Real Estate Fund, in which it will have a 40%-50% stake. The fund aims to acquire and develop commercial, office, and hospitality projects — with a focus on West La Perle, East La Perle, La Perle Residential Land, and La Perle Hotel Land.

ALSO- The real estate developer will make SAR 57 mn in brokerage fees as part of a brokerage agreement it signed with Sarh Al Lu’lu’a Real Estate Company, it said in a separate filing to the exchange. The agreement runs for 30 days.

INS.-

S&P Global Ratings affirmed Walaa Cooperative Ins. Company’s long-term issuer financial strength rating at A-, with a stable outlook, the credit rating agency said in a note. Strong business growth and high regulatory solvency levels underpinned S&P’s forecast. S&P also affirmed both the company’s long-term regional and national scale financial strength ratings at AAA.

LOGISTICS-

Port operator Red Sea Gateway Terminal (RSGT) plans to invest up to USD 200 mn in Bangladesh’s Chittagong Port’s Patenga Container Terminal — which it already manages — to expand its handling capacity, unconfirmed Bangladeshi media reports cite RSGT Chairman Aamer Alireza as saying at Davos.

The Saudi terminal operator inked a 22-year concession agreement with the Chittagong Port Authority back in December 2023. The firm has reportedly placed a USD 25 mn order for hybrid container handling cranes from China and is looking to make another order for the same figure in the weeks to come, says the news outlet.

SUSTAINABILITY-

Novus Crete Alliance launched to drive sustainable construction: The Petroleum Demand Sustainability Program signed an MoU with the Public Investment Fund, Saudi Investment Recycling, Neom, Sika, and Climate Crete to launch the Novus Crete Alliance, with the aim of reducing the construction sector’s carbon footprint by developing sustainable concrete, state news agency SPA reports.

The initiative looks to develop local know-how in the development of sustainable concrete by using local resources such as seawater, recycled materials, and glass fiber reinforced polymer. The Petroleum Demand Sustainability Program will also develop standards and codes for the use of seawater concrete.

Tags: