INFRASTRUCTURE-

#1- US multinational infrastructure consulting firm Aecom is now a key partner in the upgrade of Riyadh’s King Fahad Sport City, it said in a press release. The firm was contracted by the Sports Ministry to bring the facilities up to the Fifa standards ahead of the AFC Asian Cup in 2027 and the 2034 Fifa World Cup.

We saw it coming: Aecom was reportedly among a group of international companies looking to land some project management consultancy contracts in the Kingdom. The company has already been involved in the expansion of King Khaled International Airport, as well as the development of King Abdullah port and Jeddah’s drainage system.

#2- The National Water Company (NWC) completed 18 capital and operational projects in Makkah and at the Holy Sites worth SAR 400 mn to boost water coverage rates and overall network efficiency ahead of the upcoming Hajj season, it said in a statement.

The breakdown: The projects involved the construction and rehabilitation of water storage facilities — including a 190k sqm steel tank — along with replacing pumps, installing meters, sensors, pipelines, and valve rooms, and upgrading networks.

BANKING-

Fitch Ratings assigned the Saudi Export-Import Bank’s (Saudi Exim) long-term foreign and local currency issuer default ratings (IDR) at A+ with a stable outlook, the credit rating agency said in a note. It also assigned the bank’s short-term IDR at F1+. The ratings reflect Saudi Exim’s government-ownership — through the National Development Fund — along with Fitch’s view of “virtually certain” government support.

ALSO- Saudi Exim and the Jordanian Housing Bank for Trade and Finance (HBTF) signed a USD 10 mn credit line agreement to boost Saudi non-oil exports into Jordanian markets and foster trade relations, state news agency SPA reports.

HOSPITALITY-

CIMC Modular Building Systems (CIMC MBS) agreed to build the Earth Riyadh Hotel in the Kingdom, marking the Chinese firm’s entry into the Middle East, according to a press release. Scheduled for completion in 2026, the Earth Riyadh Hotel will be a three-story, four-star boutique hotel in the Al Maather district, spanning 11k sqm and featuring 86 rooms.

Efficiency in mind: CIMC MBS will implement a modular approach in the construction — with module design, offsite manufacturing, and on-site installation — which is projected to cut the construction timeline by half and improve resource and energy efficiency, compared to traditional methods.

EXPANSION-

New York-based live entertainment company RWS Global is opening a new headquarters in Riyadh to strengthen its presence in the Middle East, according to a statement. The move aims to make the company “more available” for regional clients, after a decade of operating in the region, particularly in the Kingdom and Abu Dhabi, said RWS Global Chairman & CEO Ryan Stana.

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