REAL ESTATE-

Dar Global awarded the main construction contract for Trump Tower Jeddah to Arabian Construction Company (ACC) after completing the enabling and foundation works, according to a press release.

About the tower: The SAR 2 bn (USD 531 mn) project — unveiled last December — will feature a 47-floor, 350-unit tower, scheduled for completion by December 2029. The project’s preliminary enabling works have already been underway by Jeddah-based Specialized Italian Foundation since February. The development will also include the Kingdom’s first Trump Club, a members-only social hub.

M&A WATCH-

Miahona shareholder sells 10% stake in private trades: Miahona said that major shareholder Vision International Investment Company sold 16.1 mn shares (equivalent to 10% of Miahona’s share capital) to multiple investors through private negotiated trades on Tadawul on Tuesday, according to a pressrelease(pdf). Vision Invest now retains a 60% stake in the company after the sale.

REAL ESTATE-

Real estate company Ajdan signed an MoU with the Syrian Investment Authority to develop a tourism project in Damascus, the authority said in a statement. The agreement includes conducting a feasibility study for a multi-use project covering nearly 800k sqm. The move follows discussions between Syrian officials and Ajdan’s delegation on potential investments in the tourism and housing sectors, particularly involving the Ebla Hotel and the Conference Palace.

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