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New Riyadh project for Almajdiah
Almajdiah takes the lead on SAR 211.6 mn Riyadh build: Dar Al Majed Real Estate (Almajdiah) inked an SAR 211.6 mn agreement with Jadwa Al Manzel Real Estate Fund to develop a project owned by Jadwa in Riyadh’s Al Khuzama district, according to a Tadawul disclosure. Almajdiah, which already holds a 10% stake in the Jadwa fund, will handle the development, execution, management, and marketing of the project under a cost-plus model over a 24-month timeline.
IN CONTEXT- The contract adds to Almajdiah’s already extensive project list. The company tapped Arab National Bank earlier this year for an SAR 500 mn shariah-compliant loan to fast-track a heavy pipeline that includes an 8.1k sqm mixed-use development in Riyadh with Jadwa Fund and two residential developments for Tatweej Contracting.
Saipem secures local onshore contract
Italian contractor Saipem landed a EUR 900 mn 42-month contract for the engineering, procurement, and construction for the Uthmaniyah Gas Compression Plant, it said in a statement. The plant will help extend the production life of the field.
Onshore and offshore: Saipem has been embedded in Saudi Arabia’s offshore buildout for years under a long-term agreement with Aramco stretching through 2027, which keeps it on the shortlist for EPC work.
DisAI’s 2026 cohort is in
Design in Saudi Arabia with AI (DisAI) has chosen 10 startups — including eight homegrown ones — to join its 2026 accelerator program, according to a press release. Backed by Qualcomm, Aramco, the RDIA, and Humain, the initiative will run through November and conclude with an exhibit of working prototypes.
Who was selected? The eight Saudi startups include industrial waste recovery platform Circula, enterprise automation tool Deqa AI, traffic analytics firm Electronic Photonics, healthtech startup SDM, Arabic AI workspace platform Tawkeed, edge-AI sensor startup Digital Petroleum, manufacturing AI startup Nommas.ai, and equipment retrofitting firm Finix Systems. France’s Crosscall and Canada’s Dexabot round out the cohort.
About DisAI: The program helps AI startups go to market by providing them with hands-on technical development, product design, and IP support, as well as access to advanced prototyping platforms like Arduino systems and Qualcomm AI accelerators. Participants also receive an SAR 40k stipend upon completing the program.
Aster DM plants its flag east
UAE-headquartered Aster DM Healthcare acquired a majority stake in ProCare Hospital through a joint venture with Saleh Al Rahji & Partners Co, marking its entry into the Eastern Province, according to a press release. The healthcare provider’s plans for the facility — which will be rebranded Aster ProCare Hospital — include expanding capacity to 209 beds and setting up an AI-enabled cardiac catheterization lab.
REMEMBER- Aster DM’s on track with its plans: We reported back in 2024 that Aster was looking to acquire some USD 250 mn worth of healthcare assets to boost its Saudi portfolio. Since then, the healthcare giant has launched an Arabic-voiced digital healthcare app, myAster, and was reportedly eyeing a dual listing on Tadawul and in the UAE. Next to its latest acquisition, Aster DM owns Aster Sanad Hospital in Riyadh and 16 pharmacies in the Kingdom.
