REAL ESTATE-

#1- The Public Investment Fund (PIF) signed a MoU with Acwa Power to jointly develop power and water infrastructure for PIF’s real estate projects, the PIF said in a statement on Monday. The agreement — signed during the Future Investment Initiative (FII9) last week in Riyadh — aims to support energy and water needs across PIF’s local real estate portfolio while promoting the use of locally produced materials and private sector participation.

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IN CONTEXT- The PIF plans to sharpen its 2026-2030 investment strategy to focus on building specific portfolio companies into global champions — including AI champion Humain, manufacturer Alat, aircraft lessor AviLease, and carrier Riyadh Air. The strategy, expected to be detailed early next year, aims to make Saudi companies more international, encourage them to raise their own financing, and attract more foreign direct investment.

#2- Knowledge Economic City (KEC) partnered with Dubai-based Maison Privee HolidayHomes Rental to launch a new JV focused on short-term residential rentals in Madinah, it said in a disclosure to Tadawul yesterday. The new firm will manage and lease furnished units for visitors, pilgrims, and business travelers, providing services such as housekeeping, concierge, and transport. KEC will hold a 70% stake in the venture, while Maison Privee will own 30%.

More details: The partnership aims to develop a rental management platform serving properties within KEC and across Madinah, starting with KEC’s Al Alyaa project, which includes 1.4k apartments and 70 mansions.

ENERGY-

Nawwar Renewable Energy kicked off initial commercial operation of additional 1 GW capacity at ArRass 2 PV Solar Independent Power Plant in Qassim, it said in a Tadawul disclosure yesterday. The plant — which is 50.1% owned by Acwa Power — now has a total capacity of 2 GW, after receiving its first certificate for an initial 1 GW in August.

REMEMBER- Beside ArRass 2, Acwa Power kicked off commercial operations for some 1.8 GW of solar energy from two of its projects, including granting a second commercial operations certificate for the remaining 365 MW of capacity at the 1.1 GW Saad 2 solar plant, bringing it to full capacity. It also received a certificate for initial operations at the 1.42 GW Al Kahfa solar plant.

STARTUP WATCH-

Local event management firm Mila Celebrations secured a USD 5 mn strategic partnership with Rodyan Event Management, aiming to modernize the Kingdom’s events industry through merging technology with field operations and expanding Mila’s network of users and suppliers, it said on LinkedIn yesterday. Mila aims to boost annual bookings by more than 200% by 2026 and double its partner network, Jawlah reported.

About the companies: Founded in 2024 by Mohamed Ghourbal (LinkedIn) and Mohamed Amasha (LinkedIn), the platform uses AI to streamline event planning — from concept to execution — through a simple, integrated app. Its partner, Rodyan Event Management, was founded in 2008 by Mohammed Al Salman (LinkedIn) and specializes in event management, exhibitions, and conferences that reflect local identity.

MARITIME-

The Saudi Ports Authority (Mawani) added Zhonggu Logistics’ new CRX shipping service to Jeddah Islamic Port, linking it to five key ports across the region and Asia, it said in a statement yesterday. The service — with a capacity of 1.5k TEUs — connects Jeddah to the ports of Ningbo and Nansha in China, Aden in Yemen, Sokhna in Egypt, and Aqaba in Jordan.

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