Aramco awards Saipem USD 500 mn Safaniya project

Aramco taps Saipem again for offshore EPCI: Italian contractor Saipem landed a USD 500 mn offshore award in Saudi Arabia under its existing long-term agreement with Saudi Aramco. The work targets the Safaniya offshore oil field and covers full engineering, procurement, construction, and installation (EPCI) for a 48-inch trunkline stretching some 65 km offshore and 12 km onshore, plus associated subsea facilities.

This isn’t a one-off: 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. In 2024, the contractor was awarded some USD 500 mn in offshore jobs across the Abu Safa, Berri, and Manifa oil fields, followed by roughly USD 1 bn covering the Marjan, Zuluf, and Safaniyah fields, and another USD 2 bn for Marjan alone.

Asmo kicks off first logistics hub at Spark with Arcapita

Asmo and Arcapita to develop 1.4 mn sqm logistics hub at Spark: Advanced Supply Management Operations (Asmo) — a JV between Saudi Aramco and DHL Supply Chain — partnered with Arcapita Group Holdings to develop a 1.4 mn sqm logistics facility at King Salman Energy Park (Spark) via a forward funding agreement, according to a press release.

The details: Arcapita will fund and own the asset, while Asmo will develop, lease, and operate it under a 22-year occupational lease. The project includes a 43k sqm temperature-controlled Grade-A warehouse, more than 3k sqm of offices, 5.3k sqm of chemical storage, and a 1.2 mn sqm open yard. The project marks Asmo’s first purpose-built hub — and one of four planned — serving Aramco, its affiliates, and other industrial players.

IsDB backs regional infrastructure with USD 2.4 bn financing

The Islamic Development Bank (IsDB) greenlit a USD 2.4 bn multi-country financing package covering energy, transport, and industrial expansion, state news agency SPA reports.

The package includes USD 1.3 bn for Kazakhstan’s economic and industrial zones, USD 436.7 mn for Azerbaijani irrigation and agricultural productivity improvements, USD 330.1 mn for Bahrain’s industrial land and infrastructure expansion, USD 160 mn for Jordan’s water supply and urban development, EUR 116 mn for Senegal’s Dakar Expressway, and USD 40 mn for Tajikistan’s CASA-1000 electricity project.

More than an aid package: This capital deployment is targeting the plumbing of trade in the region by supporting industrial zones in Bahrain and Kazakhstan while addressing more existential risks like water availability in Jordan and irrigation in Azerbaijan.

Riyadh Air is flying to Cairo

New national airline Riyadh Air is adding Cairo to its network, offering daily flights from Riyadh to the Egyptian capital on its new Boeing 787-9 Dreamliner, the airline said in a press release. The route, one of the world’s busiest with 2.7 mn passengers last year, is part of the airline’s initial expansion plan following the completion of its operational readiness phase. The announcement comes ahead of the delivery of the airline’s first aircraft.

Why it matters: Riyadh Air is entering a high-traffic Riyadh-Cairo corridor already dominated by lower-cost and established operators, including flynas, flyadeal, Saudia, and EgyptAir. Its premium positioning will have to fight for yield in a price-sensitive market.

More to come: The luxury carrier also plans to launch services to London and Dubai. To support this expansion, the airline introduced the Sfeer loyalty program for travelers, and it aims to expand its network to over 100 destinations by 2030.

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