SEC locks in Rabigh-1 expansion

Saudi Electricity Company (SEC) signed a 25-year energy conversion agreement with Principal Buyer to purchase power from the 1.2 GW Rabigh-1 expansion project, according to a disclosure. The SAR 5.33 bn project covers the development, financing, building, owning, and operating of a carbon capture-ready combined cycle gas turbine plant (CCGT). SEC holds a 100% stake in the project company.

The project was greenlit back in 2023, when SEC received approval from Principal Buyer to start implementing the expansion. The EPC package was awarded to a consortium led by Elsewedy Electric and Siemens Energy. The project expands the existing Rabigh complex, alongside older thermal units and the larger Rabigh-2 CCGT plant.

Why it matters: Gas-fired combined-cycle plants can hit efficiency rates of up to 60%, compared to just 30% for crude-fired units — complementing the kingdom’s liquid fuel displacement program.

GulfBoost bags SAR 5 mn in a pre-seed funding round

Homegrown geospatial data provider GulfBoost Technology (GBT) raised SAR 5 mn (c. USD 1.3 mn) in a pre-seed funding round, it said on LinkedIn. The round was led by Abdulaziz bin Abdullah Al Zamil and Sons Investment Company, with participation from unnamed angel investors. The company will use the fresh funds to back its expansion plans, boost infrastructure, and create new GeoAI products through Penta-Labs.

About GBT: Founded in 2024 by Yousef Al Nafjan (LinkedIn), GBT operates across the geospatial (GIS) value chain through its subsidiaries Penta-KSA and Penta-Labs. Penta-KSA offers no-code GIS software that allows non-specialists to use and act on spatial data, while Penta-Labs serves as the group’s deep-tech arm, developing GeoAI and digital-twin solutions for smart cities and large-scale digital transformation projects.

Liv Golf returns to Trump Bedminster

PIF-backed Liv Golf will return to the New York market for its 2026 season with a tournament at Trump National Golf Club in Bedminster, New Jersey, taking place from 6 to 9 August, it said in a statement on Friday. The event marks the league’s third visit to Bedminster and its first at the course since the 2023 season, continuing a run of at least half a dozen Liv tournaments held at Trump-family venues over the past four years.

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