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DEBT WATCH-
Al JoufAgricultural Development lined up an SAR 81.9 mn loan agreement from the Agricultural Development Fund to finance the expansion of a French fries factory, it said in a Tadawul disclosure on Sunday. The facility — backed by the factory’s assets and part of the company’s land — will be settled in 10 annual pay-offs after the grace period starts on 8 October 2028.
IN CONTEXT- Al Jouf broke ground on its French fries factory in August 2024, which is expected to be completed in 3Q 2026, with commercial production slated for 4Q 2026. The company has previously voiced plans to double its production capacity with investments worth SAR 87 mn.
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MANUFACTURING-
Madinah Industrial City got new aluminum foundry and housing complex: Industry and Mineral Resources Minister Bandar Alkhorayef inaugurated a SAR 140 mn Saudi Aluminium Foundry and a SAR 150 mn housing complex in Madinah Industrial City, the Saudi Authority for Industrial Cities and Technology Zones (Modon) said on X. The foundry aims to localize the production of auto parts and non-ferrous metals, while the 15k sqm housing complex will accommodate up to 1.5k workers.
EDUCATION-
Heriot-Watt University to open Saudi campus with Almasar Alshamil: AlmasarAlshamil Education, a UAE-based subsidiary of Amanat Holdings, signed a non-binding heads of terms agreement with Scotland’s Heriot-Watt University to set up Heriot-Watt University Saudi Arabia, it said in a press release yesterday. Almasar Alshamil will act as a financial and strategic partner, while Heriot-Watt will provide academic and institutional leadership. The plan is pending final agreements and regulatory approvals.
About Heriot-Watt University: Established over 200 years ago in Scotland, Heriot-Watt University serves more than 25k students across campuses in the UK, Dubai, and Malaysia. It is most known for its engineering, technology, business, and finance programs and ranks among the UK’s top universities for graduate employability and research in fields such as AI, energy, and health technologies.
