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OIL & GAS-
Bahri closes USD 1 bn VLCC acquisition: Bahri Oil, a unit of the National Shipping Company of Saudi Arabia (Bahri), completed its USD 1 bn acquisition of nine Very Large Crude Carriers (VLCC) from Greece’s Capital Maritime and Trading Corporation, with the delivery of the final vessel Burqan, Bahri said in statement on Monday. The agreement expands Bahri’s VLCC fleet to 50 — the largest in the world — and lifts the group’s total owned fleet to more than 100 vessels.
REMEMBER- Bahri inked an agreement to acquire nine VLCCs in August 2024 from global shipping outfit Capital Maritime and Trading for SAR 3.75 bn (c.USD 1 bn). The majority of the nine oil tankers were built in South Korea and are scrubber-fitted and equipped with high energy efficiency and low emission features, with average deadweight tonnage of around 311.5k.
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REAL ESTATE-
Umm Al Qura to sell two Masar plots for SAR 328.8 mn: Umm Al Qura for Development andConstruction signed two reservation agreements with Shulat Al Wadi Real Estate, an SPV for a real estate fund managed by Sedco Capital, to sell two plots of land in the Makkah’s Masar Destination for a total of SAR 328.8 mn, it said in a disclosure to Tadawul yesterday. The plots cover 5.3k sqm, with the first valued at SAR 195.3 mn and the other at SAR 133.5 mn, and are planned for residential development, with final sale agreements expected within three months.
FINANCIAL SERVICES-
Morgan Stanley Saudi Arabia received the greenlight from the Exchange to act as a market maker on 16 securities across the Main Market and Nomu, according to a disclosure to Tadawul released on Monday. The Main Market companies include Bawan, Tamkeen Human Resources, National Gas and Industrialization, Ayyan Investment, Alujain, Saudi Real Estate, Lumi Rental, and Saudi Fisheries.
On the Nomu front: The approvals cover Rawasi Albina Investment, Riyadh Steel, Knowledge Net, National Building and Marketing, Saudi Top for Trading, Altharwah Albashariyyah, Mobi Industry, and Fad International.
AVIATION-
Gaca licenses FedEx as a foreign air carrier: US-based logistics giant FedEx kicked off operations in the Kingdom as a foreign air carrier after securing an economic license from the General Authority of Civil Aviation (Gaca), the authority said in a statement. The company plans to operate 24 monthly cargo flights via King Khalid International Airport. The announcement came during FedEx’s inauguration of its new head office in Riyadh on Monday, set to manage operations in Qatar, Bahrain, and Kuwait.
