First Avenue begins its move from Nomu to Tadawul’s main market

First Avenue for Real Estate Development has begun the move up from Nomu to the main market after its board signed off on Tuesday, according to a Tadawul filing. The developer has already cleared seven of the 11 transfer requirements under the Listing Rules. What it hasn’t cleared is float.

Where things stand: The financials are already there with two years on Nomu as of 16 October, no accumulated losses, and a trailing 12-month market cap of SAR 1.12 bn, well clear of the SAR 200 mn floor, the company said in a statement (pdf). First Avenue’s gap is distribution. Public ownership sits at 23%, around seven points below the 30% statutory minimum, and the company needs 239 more qualifying shareholders — taking it to 600 — to reach Tadawul’s top liquidity tier, which would waive the shareholder-concentration requirement. The 30% float minimum stays in force regardless.

Everything from here is procedural and float-dependent. First Avenue has to widen its public ownership, publish its board transfer report at least 30 days before it applies, formally appoint financial and legal advisers, and file. The Saudi Exchange has the final call.

Riyadh stadium bids get extra time

Contractors now have until 1 December to bid for early works at Riyadh’s King Salman International Stadium, after the Sports Ministry pushed back the deadline from 19 November, Meed reports. The tender, issued on 11 October, covers site preparation, enabling works, and initial construction. The 92k-seat stadium, designed by US-based Populous, is due for completion in 2029 and will host the opening match and final of the 2034 FIFA World Cup.

Gathering wind

Saudi Arabia is putting serious wind behind Turkey’s grid. The two countries signed an agreement for 3 GW of wind power, with HVDC transmission lines and battery storage built alongside it, the Turkish Energy Ministry said. That’s about a fifth of Turkey’s existing wind capacity, according to Reuters.

It completes a 5 GW framework, building on the intergovernmental agreement signed in February, that tasked Acwa with 5 GW of Turkish renewables. The first phase, 2 GW of solar at Sivas and Karaman, is already underway. The new agreement adds wind power and storage. The full 5 GW is a roughly USD 5 bn commitment, with financial close targeted for 2027 and first power by early 2028, as we reported in February.

OmniOps targets the inference layer

OmniOps is pitching sovereign AI that stays inside the Kingdom. The company has launched Bunyan Inference Hub, a platform that lets governments and businesses run open-source AI models on compute hosted in Saudi Arabia, keeping data and workloads onshore — the selling point for public bodies and regulated sectors bound by data-residency rules, according to a press release. It bundles model access and GPU capacity in one place, is hardware-agnostic across different chips and accelerators, and leans on OmniOps’ own inference-optimization engine to lift GPU use and cut the cost per token.