REAL ESTATE-

Banan seals tripartite agreement to establish a real estate fund: Banan Real Estate inked an agreement with Artal Capital and Abdulaziz & Saad Al Mojel Trading and Investment Co. to establish a real estate investment fund, it said in a Tadawul disclosure yesterday. The fund aims to acquire and develop a 7.4k sqm plot of land in the Al Qairawan district

The breakdown: Artal Financial Company will act as the fund manager, handling the Capital Market Authority’s licensing and the feasibility study. Abdulaziz & Saad Al Mojel will own 70% of the fund’s capital in the form of land, while Banan Real Estate will contribute 30% in banknotes. Banan will also serve as the project’s main developer, handling exclusive marketing and leasing responsibilities.

LOGISTICS-

Saudi’s first floating fuel storage unit: The Saudi Ports Authority (Mawani) and Minerva Saudi Arabia launched the Kingdom’s first Floating Storage Unit (FSU) for ship fuel at King Abdulaziz Port in Jeddah, with a capacity of 113k cbm, it said in a statement yesterday. The unit can store very low sulfur fuel oil (VLSFO), high sulfur fuel oil (HSFO), and marine gas oil (MGO) while serving Minerva’s fleet of bunkering vessels and other licensed suppliers.

Registered as a bonded zone, the facility allows faster customs clearance and stronger oversight, while Minerva’s digital ADP platform ensures transparent and efficient fuel supply. Developed in partnership with several government agencies, it will also streamline Red Sea bunkering operations by enhancing shipment efficiency, blending, and vessel loading.

INVESTMENT WATCH-

State Properties General Authority put 11 investment offers in various regions on the Furas platform, with investment periods of up to 25 years, it said in a statement on Monday. Interested investors can check property details and submit bids manually to the authority’s Riyadh headquarters by the deadlines listed for each project on the platform.

AVIATION-

Budget airline flyadeal added non-stop flights from Riyadh to Pakistan’s Islamabad, Peshawar, and Sialkot, according to a press release. The new routes bring weekly flights between the two countries to 13 from six, all operated by Airbus A320s. Flyadeal had kicked off its Pakistan operations in February.

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