Modon lands SAR 1 bn in localization agreements for Dammam 3-

Dammam 3 is becoming a renewable energy manufacturing hub: The Saudi Authority for Industrial Cities and Technology Zones (Modon) signed five agreements worth over SAR 1 bn to localize manufacturing in Dammam’s Third Industrial City, with a heavy focus on the renewable energy supply chain.

Who is moving in?

  • The cables: Egypt’s Elsewedy Electric is deploying SAR 223 mn to manufacture electrical equipment in a 96k sqm facility;
  • The solar tech: China’s Cospowers is putting up SAR 150 mn for a 40k sqm solar panel and electrical equipment facility;
  • The infrastructure: India’s Karamatara will invest SAR 150 mn to manufacture heavy metal structures required for utility-scale projects on a 200k sqm plot.

The wider net: The renewables pacts account for just over half of the SAR 1 bn total investment, with the rest split among undisclosed agreements to establish facilities for food products, automotive components, and steel production.

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JLL to acquire minority stake in the PIF’s FMTECH-

JLL is buying a seat at the table of the world’s biggest construction pipeline, acquiring a “significant stake” in the Public Investment Fund’s Saudi Facility Management Company (FMTECH). If finalized, the PIF would retain majority control, while JLL would exchange its digital facility management platforms for a privileged vehicle in the Saudi market.

Why it matters? Rather than competing for individual tenders, JLL would effectively become a semi-sovereign partner by buying into the entity serving the Kingdom’s gigaprojects.

FinMin closes December sukuk issuance-

The Finance Ministry closed the December 2025 issuance under the SAR-denominated sukuk program, raising over SAR 7 bn across five tranches:

  • A two-year tranche, valued at SAR 1.2 bn;
  • A four-year tranche, valued at SAR SAR 335 mn;
  • A seven-year tranche, valued at SAR 1.2 bn;
  • An 11-year tranche, valued at SAR 1.7 bn;
  • A 14-year tranche, valued at SAR 2.6 bn.
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