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AUTOMOTIVE-
Mawani presses the brakes on 21 car brands: The Saudi Ports Authority (Mawani) temporarily suspended vehicle imports from 21 automakers for not submitting their 2025 supply plans to the Saudi Standards Metrology and Quality Organization (Saso) by the required deadline, it said in a circular (pdf).
The details: This import ban affects new cars and light trucks (up to 3.5 tons) and will remain in place until the companies provide their plans, with a final deadline set at the end of this year. The ban includes brands like Sweden’s Koenigsegg, UK’s McLaren, India’s Tata Motors, and Taiwan’s Luxgen.
ICYMI- New rules for tighter product specs and quality from Saso came into effect on 24November. The fresh rules require businesses meeting Saso standards to obtain the Saudi Quality Mark, with Saso overseeing specification development and updates, excluding items regulated by the Food and Drug Authority. Misuse or non-compliance may lead to penalties, licence suspension, or product seizure.
REAL ESTATE-
Red Sea Global launched a new residential project called Laheq Island, with the 400-hectare development set to open in 2028 as part of its Red Sea project, it said in a press release. Located within a 92-island archipelago off Saudi’s west coast, Laheq is the first Red Sea destination focused primarily on residential ownership. It is set to feature two luxury hotels, a 115-berth marina, an 18-hole golf course, and various sports and leisure facilities centered around an 800-meter structure known as The Ring.
IN CONTEXT- The PIF-owned developer announced inOctober that it will allocate USD 27 bn by 2030 to accelerate its developments, after it spent a similar amount to complete a third of its Red Sea project, which features 24 resorts slated to be fully operational by the end of 2025.
FINANCIAL SERVICES-
Frimex expands in Riyadh: Investment management company Frimex Investment, part of the Hayel Saeed Anam Group (HSA), opened a new office in Riyadh to support its growth in the Kingdom, according to a press release.
About Frimex: Established in 1974, the company has been based in Jeddah for over four decades, investing in sectors such as manufacturing, trading, and services, focusing primarily on food, packaging and distribution.
