SAL moves ahead with Jeddah cargo expansion agreement

Contracting and ConstructionEnterprises landed a SAR 233 contract to build the second phase of SAL Saudi Logistics cargo ground handling station at Jeddah’s King Abdulaziz Airport, it said in a disclosure to Tadawul. The contract covers new construction works, upgrades to existing structures, and supporting facilities and utilities as part of the station’s expansion. Construction is scheduled to start in 1Q 2026, with completion targeted for 3Q 2028.

Why it matters: SAL is doubling down on its handling business, which represents its most profitable segment — outperforming its logistics business. It also contributes to Saudi’s goal to handle 4.5 mn tons of air cargo by 2030 — up from roughly 1.1 mn tons in 2024.

Saudia touches down in Kozhikode

Saudia expanded its network in India with the addition of Kozhikode, launching four weekly flights from King Khalid International Airport in Riyadh to Calicut International Airport starting 1 February, it said in a press release. This marks the national carrier’s seventh destination in the South Asian country, joining its existing service to Bengaluru, Mumbai, Kochi, Delhi, Hyderabad, and Lucknow.

Why it matters:The expansion is a defensive play to lock in market share ahead of flyadeal’s planned launch in India in 1Q 2026. By securing slots in secondary Indian cities now, Saudia is optimizing its fleet to capture point-to-point traffic in a vital source market — leveraging its status as the world’s second most on-time airline to defend its “moat” against regional and Indian competitors.

Cenomi Centers fully redeems 2026 international sukuk-

Arabian Centers Company (Cenomi Centers) redeemed the final USD 268.6 mn (30.7%) portion of its 2021 sukuk ahead of the October 2026 due date last Thursday, it said in a filing to the bourse. This completes a balance sheet restructure that effectively replaced the older USD 875 mn issuance with fresh capital raised late last year, leaving the developer with no outstanding liabilities due in 2026.

Why it matters:Cenomi has traded higher interest costs for stability. By using proceeds from its new USD 500 mn November 2025 sukuk to retire the old 2026 notes, the developer has accepted a higher yield (some 9%) to push its maturity wall back to 2029-2030. This locks in capital just as it enters the opening phase of its flagship Jawharat malls in Riyadh and Jeddah.

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