HEALTHCARE-

Dr. Sulaiman Al Habib Medical Services Group will establish Al Jubail Hospital for SAR 571 mn, under a 50-year lease agreement signed with the Royal Commission for Jubail and Yanbu for a 115.5k sqm plot of land at Jubail Industrial City, it said in a Tadawul disclosure yesterday. The hospital will have 145 beds and clinics in various medical specialties.

The timeline: Following regulatory approvals, the project is expected to kick off construction in 4Q 2025. It is set to be completed in 4Q 2028 and be operational in 2Q 2029. Al Jubail Hospital will be run by Al Habib’s subsidiary Bawabat Al Sharq for Healthcare Company, after receiving the board’s green light.

FINANCIAL SERVICES-

Wasl receives Sama’s initial approval for digital brokerage practice: Wasl platform, a JV between Azm for Communications and Information Technology and National Housing Company (NHC), received the Saudi Central Bank’s (Sama) initial approval to conduct digital brokerage activities in the Kingdom, Azm said in a Tadawul disclosure yesterday. The platform is yet to obtain its license.

BACKGROUND- Azm signed an MoU with the NHC in May to create a digital platform for financial and digital brokerage services, namely Wasl Platform for Communications and Information Technology, according to a separate Tadwul disclosure. Each side will hold a 50% stake in the platform’s capital.

DEBT WATCH-

Quara Finance secured a five-year, shariah-compliant credit facility agreement for SAR 100 mn with Bank Aljazira, it said in a disclosure to Tadawul yesterday. The financing will go to supporting Quara’s operational expansion and increasing its sales volume. The agreement is secured by a promissory note, assignment of receivables, and guarantees from the owners.

ICYMI- Quara secured a four-year, SAR 100 mn shariah-compliant credit facility from Al Rajhi Bank last month and a three-year loan from SHL Finance a month earlier. Both aim to increase the company’s sales volumes.

HOSPITALITY-

#1- PIF subsidiary Adeera Hospitality will operate a portfolio of hotels in Qiddiya City under an agreement with Qiddiya Investment Company, the PIF company said in a statement yesterday. Positioned as the Kingdom's emerging capital for entertainment, sports, and culture, Qiddiya City is projected to attract mns of visitors every year. The hotels that will be under Adeera’s purview include Alia (luxury), Sama (five-star), and Noor (mid-market).

#2-Thai hotel operator Dusit International tapped Al Ghadeer Group to manage the new DusitD2 Al Ahsa resort, Dusit’s EMEA VP of Development Rami Massoud said on LinkedIn. The resort, set to open in 2027, will feature 120 villa suites and is being designed by Cairo-based El Ghoneimi Architects. This marks Dusit’s second confirmed hotel in the Kingdom and is part of its broader expansion strategy in the Middle East.

TRANSPORT-

Hyundai Motor Group and Neom’s energy arm Enowa have completed a hydrogen mobility trial in Trojena, operating Hyundai’s Universe hydrogen fuel cell bus on steep, high-altitude routes, according to a press release. Supported by a new Enowa hydrogen refueling station, the trial marked the first test of such technology in mountain terrain.

Background: In September 2024, Hyundai Motor Group signed an MoU with Neom’s mobility sector to explore next-generation zero-emission mobility solutions for the region.

Tags: