The Kingdom’s automotive vertical starts to connect

Sabic is supplying the Kingdom’s local tire push: Saudi Basic Industries Corp. (Sabic) will supply the raw materials (polybutadiene rubber and carbon black) to the PIF-Pirelli domestic tire joint venture, according to a statement.

Why it matters: By sourcing feedstock from Sabic rather than importing synthetic rubber, the PIF is delivering on the local-for-local strategy it promised when it first inked the Pirelli agreement in 2023.

BACKGROUND- InSeptember, Mena Tyre Company awarded a SAR 628 mn (USD 167 mn) contract to Saudi Amana — the local arm of UAE-based Group Amana — to build the Pirelli tire manufacturing plant in the King Salman Automotive Cluster at King Abdullah Economic City. The facility is set to begin production this year.

Alramz to develop 240 units under SAR 91 mn contract

Alramz Real Estate will purchase and develop two residential land plots under a SAR 91 mn contract with PIF-backed Roshn Group, it said in a disclosure to Tadawul. The 36-month contract entails the design and construction of 240 units over an area of 14.1k sqm.

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