REAL ESTATE-

Diriyah Company launched its Media and Innovation District and Armani Residences during the MIPIM festival in Cannes, according to a press release. Located near the Diriyah Arena, the 250k-sqm district is set to feature 450 residential homes, over 15k sqm of retail space, and a 325-room 1 Hotel Diriyah.

AND- The Italian studio Armani / Casa will design the 15 limited-edition residences Armani Residences Diriyah and a 70-room Armani Hotel Diriyah, it said in a separate release.

IN CONTEXT- Diriyah is expanding its luxury residential portfolio with branded residences from Baccarat and Ritz-Carlton to provide housing options for 100k residents, attract 50 mn annual visitors, and contribute with USD 18.6 bn directly to Saudi Arabia’s GDP.

LOGISTICS-

RSGT drops anchor in Djibouti: Port operator Red Sea Gateway Terminal (RSGT) inked an MoU to operate and manage Djibouti’s Tadjourah Port for 30 years in a bid to optimize efficiency across port operations, according to a statement. No investment ticket or timeline for the project was disclosed.

Making moves in Djibouti: A consortium of Saudi investors inked a 92-year contract in June to establish a 120k sqm Saudi Logistics City in Djibouti Port freezone — poised to become the Kingdom’s largest foreign logistics zone. The project is set to position Djibouti’s port as a gateway for Saudi exports to Africa.

FINANCIAL SERVICES-

EtihadAtheebTelecommunication (Go Telecom) to establish Hulool Al Intilaq Finance, a micro-consumer financing subsidiary with an initial capital of SAR 20 mn, after obtaining a license from the Saudi Central Bank, it said in a disclosure to Tadawul. The telecom company is currently in the process of meeting all licensing requirements, which need to be completed within six months from the initial approval, before applying for a full license.

INFRASTRUCTURE –

SEPC + Roshn sign agreement for infrastructure work in Jeddah: India-based construction engineering company SEPC signed a framework agreement with Roshn Group to carry out infrastructure work in three zones of Jeddah North, Phase 1A for a combined amount of SAR 893 mn, according to a filing (pdf) to the Indian exchange. SEPC is expected to receive orders for at least one of the three zones they’ve bid for. No further details were provided.

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