INFRASTRUCTURE-

Acwa Power-backed firm to develop SAR 2.5 bn desalination plant: Ras Mohaisen First Water Desalination — in which Acwa Power holds a 45% stake — inked a 25-year SAR 2.5 bn water purchase agreement with the Saudi Water Partnership Company to build and operate a reverse osmosis desalination plant in the Western Province, according to a disclosure to Tadawul.

The details: The plant will have a capacity of 300k cubic meter per day, while the project will also include potable water tanks with a 600k cubic meter capacity. The plant is expected to begin commercial operations in 1Q 2030.

MANUFACTURING-

Italy-based Sabelt will supply advanced seats for PIF-owned Ceer’s EVs under a SAR 543 mn partnership agreement, according to a statement. Sabelt counts Ferrari, Aston Martin, Maserati, Alpine, and McLaren among its clients.

DEBT WATCH-

#1- Roshn Group lined up a SAR 2 bn Shariah-compliant loan with the Saudi National Bank, according to state news agency SPA. The seven-year facility will be used to fund the acquisition of Riyadh Front, which will be rebranded to Roshn Front, it said in a post on X.

#2- Tadawul-listed SHL Finance Co. lined up a SAR 200 mn Shariah-compliant loan with Emirates NBD, it said in a disclosure to Tadawul. The 5-year facility will go towards increasing the company’s sales volumes.

AVIATION-

Flynas adds Pakistan, Egypt flights: Budget carrier Flynas launched a new route connecting Pakistan’s Karachi to Madinah and another connecting Egypt’s Al Alamein to Jeddah, according to two separate posts on X (here and here). The Pakistan route will launch on 5 March, while the Egypt route will launch on 1 July, with each operating two flights a week.

Tags: