AVIATION-

Saudia Group signed a 13-year agreement with Air France-KLM Group to maintain and service 86 GE90 engines powering its Boeing 777 fleet, it said on LinkedIn on Friday. The work will be done at Air France’s facilities in Paris and includes support using the predictive maintenance tool Prognos to maintain optimal engine performance. No financial ticket was disclosed.

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REFRESHER- Saudia signed a maintenance, repair, and overhaul MoU with Air France-KLM last December, under which Saudia is set to handle the assembly and disassembly of GE90 engines’ modules locally while awarding 50% of the order to Air France-KLM.

ALSO- Air France is set to operate daily flights between Paris and Riyadh, starting with three weekly flights this month, ramping up to five before going daily, Arab News quoted the airline’s GM for India and the Middle East Stefan Gumuseli as saying. Air France aims to serve expats, tourists, and business travelers in the Kingdom, as it sees exponential y-o-y growth due to rising inbound demand from Saudi Arabia.

MANUFACTURING-

Gas Arabian Services (GAS) and Italy’s Bonomi are forming a new JV for manufacturing valves in the Kingdom, according to a disclosure to Tadawul released yesterday. The joint venture, Bonomi Saudi Arabia Factory, will have a capital of SAR 5 mn, with Bonomi holding a majority stake of 60%, while GAS will contribute SAR 2 mn for the remaining 40% interest. The company’s formation is pending regulatory approval and fulfilling the joint venture agreement’s terms.

ICYMI- The company signed two contracts worth a combined SAR 830 mn with the Saudi Power Procurement Company in May to build sales gas delivery systems for the Nairiyah and Rumah independent power plants (IPPs). Nomu-listed GAS withdrew its request to transition to Tadawul’s main market in January, citing the need to square away additional liquidity and regulatory requirements.

M&A WATCH-

Ethraa Holding inked a binding MoU to acquire a 100% stake in Al Reef Sugar Refinery (Resreco), in which Artex Industrial Investment owns a 15% equity stake, Artex said in a disclosure to Tadawul yesterday. The acquisition, whose value remains undisclosed, is still pending Ethraa’s due diligence and regulatory approvals.

IN CONTEXT- As part of the agreement, Ethraa is expected to pay Al Reef’s SAR 672 mn loan from the Saudi Industrial Development Fund (SDIF), as Al Reef failed to meet repayment obligations back in November, triggering SDIF to activate the loan’s protections. Artex had backed 15% of the loan, equivalent to SAR 100.8 mn, which could be reversed upon the completion of the acquisition.

REAL ESTATE-

Al TareqStar launched its first residential project in Dubai, dubbed Norah Residence, according to a press release published on Saturday. The 183-unit project — located in Jumeirah Village Circle and slated for delivery by 2Q 2027 — includes studios, apartments, and duplexes, as well as a cinema, café, gym, a yoga hall, and a play area.

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