Saudi Edition 
MENA+ Edition 
Egypt Edition 
UAE Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
Read Full Issue 
PIF WATCH-
Meet Dan, your friendly KSA tour guide: The Public Investment Fund has set up a specialized company focusing on agritourism and ecotourism, it said in a statement yesterday. The company, named Dan Co, developing experiences for tourists looking to explore Saudi’s regional cultures and traditions.
What we know: Dan’s first project will span 1.8 mn sqm in Al Ahsa, one of the kingdom’s top tourist hotspots, according to the statement. The development will feature an eco-resort, an agri-resort for seasonal farming and an adventure resort set to include horseback-riding, star-gazing, and rock climbing activities. The statement did not provide details on the size of investments to be poured by Dan, yet said that it is set to contribute SAR 6 bn (USD 1.6 bn) to the kingdom’s non-oil GDP by 2030.
STARTUPS-
Saudi Basic Industries Corporation (SABIC) and AstroLabs are partnering to launch “Mega Green Accelerator” in the MENA region, Wamda reports. The Mega Green Accelerator aims to develop a network of climate-focused innovators in the MENA region. The fund’s initial focus will be on circular economy, clean energy transitions, water, and agriculture.
Who’s on board? Dubai Future District Fund, Venture Souq, and Shurooq Partners will offer investment and networking opportunities alongside mentorship.
The pitch: The Middle East is warming twice as fast as the global average, but has seen only 50 climate startups founded since 2010, compared to 5k in the US and Europe.
INFRASTRUCTURE-
Alkhorayef Water inks SAR 2.2 bn contract for wastewater treatment in Riyadh:AlkhorayefWater and Power Technologies Co. (AWPT) signed a 15-year operation and maintenance contract worth c. SAR 2.2 bn with state-owned National Water Company (NWC), it said in a disclosure to Tadawul earlier this week.
The details: Under the agreement, AWPT will design, rehabilitate, test, commission and operate four sewage treatment plants in Riyadh’s Heet and Al Hayer districts.
RENEWABLES-
Acwa Power plans big with first int’l water desalination project: Private utility Acwa Power signed a partnership with Saudi Exim Bank for the development of its first water desalination project fully powered by renewables overseas, it said in a statement earlier this week. The statement, released on the sidelines of COP28 in Dubai, did not disclose details related to the planned project, location and financials.
LEGISLATION-
Businesses operating are getting a break of up to 94% for violations to the Labour Law, a document on the amendments by the Human Resources and Social Development Ministry seen by Okaz showed yesterday. The amendments see businesses late in disbursing salaries fined SAR 300 for each employee regardless of the size of the business, down from the SAR 2k-5k previously. Companies that bring new mothers back to work less than six weeks following delivery will be fined SAR 1k, down from SAR 10k. Those who fail to provide medical insurance for employees and their families will be fined SAR 300 to SAR 1k per employee depending on the size of the business.
What’s the logic? The amendments seek look to make it easier for companies to do business by making fines proportionate to the size of private sector businesses.
AVIATION-
Qatar Airways is now flying to Neom:Qatar Airways will operate two weekly flights to Neom as part of its expansion of operations in the kingdom, it said in a statement picked up by Zawya yesterday. The airliner’s inaugural flight landed for the first time at Neom Bay Airport on Saturday, it said. Qatar Airways now serves nine destinations in the Kingdom, with 125 weekly flights to cities including Riyadh, Jeddah, Madinah and Dammam.
AGRICULTURE-
Leen Alkhair could be sending fresh produce to China: Nomu-listed fruits and vegetables supplier Leen AlKhair could export local vegetables and fruits to China under a MoU signed with China’s Haigrin and the Arab Chinese Investment Fund, it said in a disclosure to Tadawul yesterday. Seafood, poultry, dairy products, and dates could be bound for China via specialized logistics center in Shenzhen.
