Sisco Holding is now a majority shareholder in PSS

Sustainable Infrastructure Holding Company (Sisco Holding) completed its SAR 132.6 mn, 51% stake acquisition of Port Services and Storage Company (PSS), according to a Tadawul disclosure. The acquisition was fully financed in banknotes. The port and storage services firm is set to be fully consolidated into Sisco’s financial statements — effective from 1Q 2026, the disclosure adds.

BACKGROUND- The transaction consisted of an initial payment of SAR 91.8 mn and performance-based earn-out payments of up to SAR 40.8 mn — pegged to specific financial targets to be met over the next two years.

Why does this matter to Sisco? It completes the East–West corridor. Sisco’s portfolio has been skewed toward the west, anchored by Jeddah-based Red Sea Gateway Terminal (RSGT) and LogiPoint. PSS adds the missing node in Dammam — enabling a single, asset-backed contract for cross-Kingdom transport. The move internalizes inland margins previously lost to third parties and links RSGT’s port throughput with LogiPoint’s bonded zones and PSS’s eastern warehousing — creating a private landbridge that competes with global integrators.

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Parsons secures key role in New Murabba project

New Murabba Development awarded the US-based Parsons Corporation a 60-month contract for the first phase of the New Murabba project, according to a statement on LinkedIn yesterday. Parsons will act as infrastructure lead design consultant to deliver design and engineering services across infrastructure, public buildings, landscaping, and the public realm for the 14 mn sqm mixed-use development, anchored by the Mukaab, Parsons said in a press release.

Why it matters: The contract marks the transition of New Murabba from planning to engineering reality. By locking in a Tier-1 firm for the infrastructure phase, New Murabba is inching closer to achieving its goal of building “one of the world’s leading tourism, cultural, and human-centered destinations,” as expressed by CEO Michael Dyke.

Arabian Drilling secures three land rig extensions

Arabian Drilling landed SAR 1.4 bn in contract extensions for three land rigs, adding 25 rig-years to its backlog, it said in a disclosure to Tadawul (pdf). One rig is currently operational, another is expected to come online by the end of this month, and a suspended rig is scheduled to resume operations during 2026.

Why it matters: This is the second major W for Arabian Drilling in the past three months — following SAR 2 bn in renewals in November, securing a total of seven contract extensions valued at SAR 3.4 bn and covering 55 rig-years of work. Overall rig utilization is expected to climb to 80% by the start of 2Q 2026 — up from 73% in November — with the higher-margin offshore segment set to hit 100% capacity, CEO Ghassan Mirdad told Asharq Business.

Foreign reserve assets dip in December

Saudi Arabia’s foreign reserve assets dipped 1% m-o-m in December to SAR 1.72 bn, Argaam reports, citing Saudi central bank data. The Kingdom’s gold reserves remained unchanged at SAR 1.62 bn.

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