Ardara begins early construction on Al Wadi

Al Wadi breaks ground

PIF-owned Ardara has started early construction works on the first cluster of its 2.5 mn sqm Al Wadi development in Abha, which will include residential, hospitality, and waterfront facilities, Zawya reports. The developer also signed two infrastructure agreements, tapping Shibh Al Jazira Contracting for sewerage works and Dar Al Riyadh to manage and supervise infrastructure development. Contract values and completion timelines were not disclosed.

REMEMBER- Ardara appointed Parsons and OBMI in 2024 for Al Wadi’s infrastructure and architectural design, and last year unveiled the project’s first phase, which includes hotels, apartments, villas, and retail space. The developer plans to deploy more than SAR 4 bn through a real estate fund with Sumou Holding to finance the phased development.

Knauf takes near-total control of United Mining

Knauf has settled its buyout of United Mining Industries and is moving to delist it. The German building-materials group’s tender offer closed on Sunday with its stake rising to 99.3% from 63.2%, after shareholders tendered about 5.05 mn shares (36.1% of capital) into the SAR 57-a-share offer that ran from 27 September to 4 November, the company said in a Tadawul filing. With roughly 0.7% left outstanding, Knauf intends to ask the CMA to approve a mandatory offer for the remainder at no less than SAR 57, then delist United Mining, subject to CMA and shareholder approval.

Knauf is paying what it paid in May. It built its original 63.2% stake, about 8.85 mn shares, from major shareholders in May for SAR 504.5 mn, which works out to SAR 57.01 a share by our math. So the tender offered minority holders the same SAR 57 the controlling shareholder paid half a year earlier, with no premium for coming in late.

Moving upstream

Asmo has expanded its procurement services for Aramco’s upstream operations to cover drilling, chemicals, and project materials, moving beyond general supplies and maintenance, repair, and operations materials, according to a press release. The Aramco-DHL Supply Chain joint venture now manages more than 470 procurement agreements with 330 suppliers covering 65k material items, up from 380 agreements, 190 suppliers, and 56k items in April. Asmo says it plans to add more categories through 2027 and is targeting more than USD 8 bn in annual procurement activity by 2030.

REMEMBER- Asmo operates under a 15-year agreement with Aramco to provide procurement and logistics services.