CONSTRUCTION-

The Public Investment Fund is seeking project management consultancy services for a new business district on the outskirts of Riyadh, including the world’s next tallest tower, Meed reports. The fund is receiving bids from firms looking to fill the position until 20 March 2025.

Who is interested? US-based firms Aecom, Bechtel, Jacobs, Parsons, and Turner, as well as the UK’s Mace are among the prospective bidders. The request for proposals was reportedly issued by PIF-subsidiary Tower District Real Estate Development Company, writes Meed.

BACKGROUND- British architecture studio Foster + Partners is reportedly working on designs for the skyscraper — which would be twice as tall as the world’s current tallest building, the Burj Khalifa. The PIF-backed project will be built at a site near the capital’s King Khalid International Airport.

Part of a bigger push: There are 100 commercial and residential towers worth some SAR 100 bn currently in the final stages of construction in Riyadh, Knight Frank Global executives and experts told Aleqtisadiah.

DISPUTE WATCH-

The Eastern Province Municipality terminated investment contracts with Smart Cities Solutions (SCS), a Batic Investments and Logistics subsidiary, for the development and operation of parking facilities in Dammam, Dharan, and Khobar, Batic said in a disclosure to Tadawul. The company remains in contact with Saudi authorities while “taking the necessary measures to safeguard its rights and protect the interests of its shareholders,” reads the disclosure.

BACKGROUND- The Eastern Province Municipality took over the management and operation of parking facilities back in February with Batic getting ready to take legal action in response. The terminated agreements include long-term contracts held by SCS to develop, construct, and operate parking spaces and facilities at Khobar and Dhahran until 2044, and Dammam until 2045.

INFRASTRUCTURE-

The second phase of Red Sea International’s (RSI) SAR 658 mn staff camp project at Neom’s Trojena Dam will not move forward, after Italian engineering outfit Webuild SpA — the contractor — decided not to activate the optional SAR 228 mn phase, according to a disclosure to Tadawul. RSI could be entitled to additional compensation when the works are completed, provided certain conditions in the contract are met.

FOOD-

Nadec + Hilton Foods will create a red meat JV: The National Agricultural Development Company (Nadec) signed a 10-year shareholders’ agreement with UK-based Hilton Foods to establish a joint venture to process and package red meat in Saudi Arabia, according to a disclosure to Tadawul. Nadec will own a 51% stake in the JV, and use its boning and retail packing facility in Haradh to supply the local market. The value of the agreement was not disclosed.

ADVERTISING-

AlBalad AlAmeen ink SAR 600 mn agreement with Rotana Signs: AlBalad AlAmeen, the financial arm of Makkah Municipality, signed a SAR 600 mn agreement with Riyadh-based advertising agency Rotana Signs to construct, operate, and maintain billboards in Makkah, it said in a post on X last Thursday. No further details were disclosed.

DEBT WATCH-

Raoom Trading secured a SAR 100 mn shariah-compliant loan from Al Jazira Bank, according to a disclosure to Tadawul. The funding will run throughout 2025 and will be allocated to back the company’s expansion.

REMEMBER- The BoD recommended last February doubling the firm’s capital to SAR 125 mn by capitalizing SAR 62.5 mn from retained earnings to strengthen the company’s financial position and future growth.

TRADE-

The Saudi-Moroccan Joint Committee saw the signing of a mutual recognition agreement for the Authorized Economic Operator (AEO) program, state news agency SPA reports. The Program was launched back in January, granting importers, exporters, and service logistics providers operating access to a benefits suite, including administrative, procedural, and financial perks.

TRANSPORT-

The JeddahTransport Company (JTC) launched the first phase of the Maritime Taxi service, according to a post on X. In the initial phase, the service will connect the Jeddah Yacht Club, Jeddah Historic District (Al Balad), and Obhur neighborhood, running from 3:30pm to 1:30am during the month of Ramadan. Tickets range from SAR 25 to 50 for adults, while children under five ride for free. Bookings can be made through the app.

Tags: