Dar Global to develop Trump-branded projects worth USD 10 bn

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Contract awards fell by nearly half in 2025 on gigaproject delays + lower oil and gas spending

Good morning, wonderful people, and welcome to a pleasantly busy issue as a combination of blockbuster real estate projects, more debt issuances, and manufacturing data take the spotlight.

Dar Global is leading the news cycle this morning with news that it will develop two Trump-branded projects in Riyadh and Jeddah with a combined value of USD 10 bn (SAR 37.5 bn). The projects, which are expected to come online within five years, were announced less than two weeks ahead of the coming-into-force of a new law that allows foreigners to own real estate in designated zones in the Kingdom.

Meanwhile, Bank Al Bilad is the latest to join the debt issuance spree with a USD 500 AT1 sukuk issuance, and we also take a closer look at the latest industrial production index data from Gastat.

Watch this space

CAPITAL MARKETS — Nomu-listed construction and mining firm Mohammed Hadi Al Rasheed & Partners is looking to transfer to main market Tadawul, according to a disclosure. Estidamah Capital will advise on the potential transition. This comes less than two years after Mohammed Hadi Al Rasheed floated a 12% stake on Nomu in May 2024.

What it takes: To transition from Nomu to Tadawul, a company must have been listed on Nomu for at least two years and satisfy all main market listing conditions — except for the market capitalization threshold, which is lowered to a six-month average of SAR 200 mn.

Our take: Against the backdrop of poor performance on Tadawul last year — with only 26 companies ending the year in the green — the company has strong odds of doing well on TASI, backed by a share price that has risen roughly 168% from its IPO price of SAR 28. The company distributed SAR 24 mn in dividends at SAR 2 apiece for FY 2024.

Data point

48.5% — that’s how much contract awards fell in Saudi Arabia in 2025, dropping to USD 84.5 bn, according to initial full-year data from the Meed Projects database. The downturn was mainly caused by gigaproject delays and a decline in spending on power and hydrocarbons.

The drop in awards in Saudi Arabia was also the primary driver of a wider fall in GCC contracts, which were down by about a third last year. Contract awards in the UAE fell some 15% during the year. Bucking the trend were Qatar, which saw a 4% yearly uptick, and Kuwait, which recorded a 16% rise.

Contract values in 2025 were still the third-highest annual figure on record, and the region’s overall project pipeline of unawarded work grew to a record of USD 3.2 tn.

Sports

English striker Ivan Toney secured a second consecutive victory for Al Ahli on Saturday, scoring the lone goal in a 1-0 home finish against Al Okhdood FC, state news agency SPA reports. The 14th round of the Saudi Pro League triumph allowed Al Ahli to reclaim fourth place with 28 points, three points behind Al Taawoun and Al Nassr and seven points adrift of league leaders Al Hilal.

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The big story abroad

US Federal Reserve Chair Jerome Powell is facing a criminal probe over the renovation of the Fed’s headquarters in Washington, DC, the New York Times reports in an exclusive, citing people briefed on the matter. Investigators are looking into whether he lied about the scope of the renovation, the costs of which had reached USD 2.5 bn this year, up from an initial estimate of USD 1.9 bn. US President Donald Trump has frequently complained about the renovation, including in a famous video (watch, runtime: 3:17) last year during his tour of the HQ.

Powell, in a video statement (watch, runtime: 2:55), claimed the renovation was a “pretext” and that the threat of criminal charges is a “consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” explaining that they should be seen in the wider context of ongoing threats and pressure from Trump against the Fed over the past months.

REMEMBER- Powell is leaving his post in May, and Trump has said he’s already chosen his successor, who’s widely expected to potentially be Kevin Hassett, the director of the National Economic Council.

Meanwhile, in Iran, protests have intensified despite an ongoing crackdown by the police, leading to around 500 deaths. Trump has several times said he was ready to come to the “rescue” of Iranians, prompting Iran’s speaker of parliament Mohammad Baqer Ghalibaf, to warn the US against any interference, saying: “Let us be clear: in the case of an attack on Iran, the occupied territories [Israel] as well as all US bases and ships will be our legitimate target,” he told parliament.

The US currently has several bases in the Gulf, including in Abu Dhabi, Bahrain, Kuwait, and Qatar (which was targeted last year in retaliation for the US’ attack of Iran’s nuclear plants during its brief intervention in Israel’s war against Iran.)

^^The must-read on the topic: Iranians defy intensifying crackdown as Trump weighs options

Flights between Iran and the UAE, as well as Iran and Qatar, faced disruptions over the weekend, with around 20 flights between Iran and Dubai facing cancellation, though Emirates and flydubai’s flights seem to have departed on schedule yesterday, the National reports.

PLUS- The US could start easing sanctions on Venezuela as soon as next week as the US looks to begin receiving oil from the country, while India is once again getting into tech firm’s crosshairs due to its proposal to make smartphone makers share their phones’ source code with the government for security testing.

Dar Global and Trump Organization launch two Saudi Projects worth USD 10 bn

Dar Global will develop two Trump-branded projects in Riyadh and Jeddah with a combined value of USD 10 bn (SAR 37.5 bn), Dar Global CEO Ziad El Chaar told Reuters yesterday. The projects will include residential, hospitality, and mixed-use assets, with completion expected within four to five years, Trump Organization Executive VP Eric Trump said.

The details: The Diriyah project will feature around 500 luxury residences and “Trump Mansions” across 2.6 mn sqm in Rayana, Wadi Safar, alongside an 18-hole Trump International Golf Club and a Trump-branded hotel, according to a Dar Global statement. Villa sizes will range from 1.1k to 5k sqm, with prices ranging between SAR 25 mn and SAR 80 mn, Aleqtisadiah reports.

In Jeddah, Dar Global is planning a USD 1 bn Trump Plaza mixed-use development that will combine residential and office spaces. Spanning 28k sqm, the project will include apartments, townhouses, offices, a retail courtyard, and serviced units.

Background: Ahead of the Crown Prince’s visit to the US last year, word circulated that the Trump Organization was in talks to add a Trump-branded property to the Kingdom’s USD 63 bn Diriyah project.

Why it matters

Right place, right time: The projects, aimed at attracting direct foreign investment, coincide with the 21 January entry into force of the new law allowing non-Saudis to own real estate in designated zones. High-end branded residences like these are one of the asset classes the new law is designed to unlock for international capital.

But Dar Global may be front-running the regulation: Diriyah and Jeddah will need to be among the “designated zones” that allow foreign ownership, which would enable them to capture the international demand that the fine print — due later this month — is expected to unlock. We did a deep dive on Foreign Ownership Law and the other real estate reforms launched in 2025 in our Year in Review.

Dar Global and the Trump Organization are building a sizable portfolio together: Trump Tower Jeddah, Dar Global’s first Trump-branded project in Saudi Arabia, is under construction and scheduled for completion by December 2029. The companies are planning Trump-branded developments in Dubai, Oman, and Qatar. They are also behind the world’s first tokenized development in the Maldives.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Bank Albilad raises USD 500 mn from AT1 sukuk

Bank Albilad closed its private Reg S offering of USD-denominated AT1 capital sukuk, raising USD 500 mn under its USD 2 bn AT1 program to shore up its capital buffers, according to a bourse filing. The perpetual sukuk, which will be listed on the London Stock Exchange, priced at 6.375% and are set to settle this Thursday, 15 January, it said.

It’s a race to lock in funding: Bank Albilad joined Riyad Bank and Al Rajhi in the debt markets late last week, marking the third major issuance in January. Saudi lenders are front-loading their capital needs, grabbing liquidity now to ensure they can meet lending targets without getting squeezed by tighter margins — or a crowded-out market — later in the year.

ADVISORS- The lender tapped our friends at Mashreq, along with Abu ‎Dhabi Commercial Bank, ‎Albilad Capital, Dubai Islamic ‎Bank, Emirates NBD ‎Capital, HSBC Bank, Standard ‎Chartered Bank, and Warba ‎Bank as joint lead ‎managers.

IN OTHER DEBT NEWS-

#1- PIF-backed Al Akaria unit pens revolving facility to fund its project pipeline: PIF-backed Saudi Real Estate Company’s (Al Akaria) infrastructure arm Binyah inked a SAR 550 mn shariah-compliant one-year revolving credit facility with Alinma Bank to support its ongoing projects and boost the unit’s capacity to finance new work, according to a bourse filing. The facility, which is renewable and backed by a promissory note, provides short-term balance-sheet flexibility for Binyah.

#2- Saudi Cable taps shareholder bridge: Saudi Cable company secured a SAR 107.9 mn zero-interest shareholder loan from Ibrahim bin Mansour Al Rajhi to cover its near-term creditor and employee claims, it said in a disclosure to Tadawul. The facility runs until 3 March. The loan sits alongside a broader clean-up effort, including a nine-year ZATCA settlement and plans to address the remaining SAR 468 mn in court-listed claims through rights issues and sukuk, the filing read.

IN CONTEXT: After years of being arguably the most distressed industrial name on the Tadawul (with accumulated losses at one point exceeding 600% of capital), the company has officially exited the ICU as of two weeks ago. The Jeddah Commercial Court approved Saudi Cable’s request to terminate its Financial Restructuring Procedure (FRP) on 25 December, 2025. Usually, companies leave FRP because they fail. Saudi Cable left because they convinced the court that operational and financial obstacles have eased enough to stand on their own.

Strong IPI growth masks a narrow manufacturing rally

Saudi industrial output posted its strongest growth in months, with the Industrial Production Index (IPI) jumping 10.4% y-o-y in November, according to the latest data (pdf) from state statistics agency Gastat.

What’s (actually) behind the numbers: On paper, it appears to be a broad-based rally, with oil output rising 12.9% y-o-y, manufacturing up 8.1%, and non-oil activities growing 4.4%. However, a closer look at the manufacturing numbers suggests that the “diversification rally” is still running on hydrocarbons. The manufacturing sub-index’s growth was driven almost entirely by petcoke and refined petroleum products (up 14.5%) and chemical products (up 10.9%).

True non-oil manufacturing actually declined, with electricity, gas, steam, and air conditioning supply slipping 4.3% y-o-y.

The breakdown

The mining and quarrying sub-index — which dominates the IPI — gained 12.6% y-o-y. This was underpinned by a substantial increase in oil production, which hit 10.1 mn bbl / d in November, compared to 8.9 mn bbl / d a year earlier. On a monthly basis, the sector saw a modest 0.5% uptick.

On the utilities front: Electricity, gas, steam, and air conditioning supply activity dropped sharply by 28.6% m-o-m, as November’s colder weather reduced the load on the grid. Meanwhile, water supply, sewerage, and waste management rose 10.2% y-o-y, but fell 3.1% m-o-m.

Why it matters

While oil activities are surging, the broader industrial diversification push is facing a digestion phase, evidenced by monthly declines in electrical devices and non-metallic products. This suggests that the headline numbers are currently masking a more cautious cycle in private sector investment for non-energy manufacturing.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Six Flags Qiddiya’s Falcon’s Flight draws global headlines

The opening of Six Flags Qiddiya near Riyadh garnered international attention and strong local attendance since its New Year’s Eve debut, driven largely by its flagship attraction Falcon’s Flight, which is billed as the world’s tallest, fastest, and longest rollercoaster, the Financial Times reports. As the brand’s first venture outside North America, the park is projected to contribute SAR 2.5 bn to Saudi GDP this year and has been praised by visitors for being “culturally relevant” and for its efficient operations — averaging 15-20 minute wait times for most rides except Falcon’s Flight.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

SAL moves ahead with Jeddah cargo expansion agreement + Saudia expands its network in India

SAL moves ahead with Jeddah cargo expansion agreement

Contracting and ConstructionEnterprises landed a SAR 233 contract to build the second phase of SAL Saudi Logistics cargo ground handling station at Jeddah’s King Abdulaziz Airport, it said in a disclosure to Tadawul. The contract covers new construction works, upgrades to existing structures, and supporting facilities and utilities as part of the station’s expansion. Construction is scheduled to start in 1Q 2026, with completion targeted for 3Q 2028.

Why it matters: SAL is doubling down on its handling business, which represents its most profitable segment — outperforming its logistics business. It also contributes to Saudi’s goal to handle 4.5 mn tons of air cargo by 2030 — up from roughly 1.1 mn tons in 2024.

Saudia touches down in Kozhikode

Saudia expanded its network in India with the addition of Kozhikode, launching four weekly flights from King Khalid International Airport in Riyadh to Calicut International Airport starting 1 February, it said in a press release. This marks the national carrier’s seventh destination in the South Asian country, joining its existing service to Bengaluru, Mumbai, Kochi, Delhi, Hyderabad, and Lucknow.

Why it matters:The expansion is a defensive play to lock in market share ahead of flyadeal’s planned launch in India in 1Q 2026. By securing slots in secondary Indian cities now, Saudia is optimizing its fleet to capture point-to-point traffic in a vital source market — leveraging its status as the world’s second most on-time airline to defend its “moat” against regional and Indian competitors.

Cenomi Centers fully redeems 2026 international sukuk-

Arabian Centers Company (Cenomi Centers) redeemed the final USD 268.6 mn (30.7%) portion of its 2021 sukuk ahead of the October 2026 due date last Thursday, it said in a filing to the bourse. This completes a balance sheet restructure that effectively replaced the older USD 875 mn issuance with fresh capital raised late last year, leaving the developer with no outstanding liabilities due in 2026.

Why it matters:Cenomi has traded higher interest costs for stability. By using proceeds from its new USD 500 mn November 2025 sukuk to retire the old 2026 notes, the developer has accepted a higher yield (some 9%) to push its maturity wall back to 2029-2030. This locks in capital just as it enters the opening phase of its flagship Jawharat malls in Riyadh and Jeddah.

Wall Street gains on resilient labor data and shifting interest rate hopes

Wall Street closed the week at record levels on Friday as investors welcomed labor data that reinforced the broader narrative of a soft landing for 2026, even as it lowered the odds of an immediate interest rate cut in January. Investors rotated into housing, energy, and small-cap stocks, the Associated Press reported on Friday. The S&P 500 rose 0.6%, pushing past the record it set earlier in the week. The Dow Jones Industrial Average added 0.5%, while the Nasdaq Composite outperformed with a 0.8% rise. Smaller companies led the charge, with the Russell 2000 rising 4.6% for the week, outpacing the S&P 500’s 1.6% weekly gain.

The data — marking the first labor report to be issued on-time since the US government shutdown — sent mixed but reassuring signals. Nonfarm payrolls grew by only 50k, falling short of the 73k consensus forecast, yet the unemployment rate unexpectedly improved to 4.4%. The economy is now “slow to hire and slow to fire,” Art Hogan, chief market strategist at B. Riley Wealth, told CNBC, adding that the report carried “more good news than bad” for investors worried about an impending recession.

That resilience in unemployment was enough to cool expectations for near-term Fed easing. The probability of a rate cut at the US Federal Reserve’s January meeting fell to 5% from 11% a day earlier, CME Group data showed. Markets remain more confident about the longer horizon, still pricing in a 32% chance of two quarter-point cuts by the end of 2026.

Inflation keeps the Fed in wait-and-see mode: While lower rates could help sustain growth and support asset prices, they also risk fueling inflation, which remains above the Fed’s 2% target. “Until the data provide a clearer direction, a divided Fed is likely to stay that way,” Morgan Stanley Wealth Management Chief Economic Strategist Ellen Zentner said. “Lower rates are likely coming this year, but the markets may have to be patient,” she added.

Treasury yields reflect a market caught between near-term caution and long-term confidence. The two-year Treasury yield climbed to 3.53% from 3.49%, signalling expectations that the Fed will delay rate cuts amid steady labor conditions. At the same time, the 10-year yield slipped by two basis points to 4.167%, and the 30-year fell by four basis points to 4.814%. This divergence suggests investors believe inflation and growth will cool gradually rather than collapse, reinforcing the soft-landing narrative.

MARKETS THIS MORNING-

Last week’s positive close on Wall Street is pushing up Asia-Pacific markets, which are all in the green this morning in early trading. Japan’s Nikkei is closed today for a holiday. Meanwhile, it appears US stock markets will not extend their rally when the opening bell rings later today, with futures for the S&P 500, Dow Jones, and Nasdaq all trading down.

TASI	10,610	+1.3% (YTD: +1.1%)
MSCI Tadawul 30	1,414	+1.2% (YTD: +1.9%)
NomuC	23,619	+0.3% (YTD: 1.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	42,895	+2.5% (YTD: +2.6%)
ADX	10,010	-0.3% (YTD: +0.2%)
DFM	6,226	-0.4% (YTD: +3.0%)
S&P 500	6,966	+0.7% (YTD: +1.8%)
FTSE 100	10,125	+0.8% (YTD: +2.0%)
Euro Stoxx 50	5,997	+1.6% (YTD: +3.6%)
Brent crude	USD 63.24	-0.2%
Natural gas (Nymex)	USD 3.23	+1.9%
Gold	USD 4,589	+2.0%
BTC	USD 91,523	+1.0% (YTD: +3.8%)
Sukuk/bond market index	926	-0.04% (YTD: +0.7%)
S&P MENA Bond & Sukuk	151.71	+0.1% (YTD: -0.1%)
VIX (Volatility Index)	14.49	-6.2% (YTD: +3.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.3% yesterday on turnover of SAR 2.9 bn. The index is up 1.1% YTD.

In the green: Sieco (+10.0%), Burgerizzr (+9.9%) and Baan (+7.2%).

In the red: Alinma Retail Reit (-3.3%), Alinma Hospitality Reit (-2.8%) and Derayah Reit (-1.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 16.4 mn. The index is up 1.4% YTD.

In the green: Molan (+9.3%), Dkhoun (+7.8%) and Al Mohafaza for Education (+7.1%).

In the red: Naf (-7.5%), Riyal (-7.0%) and Lana (-6.6%).

CALENDAR

JANUARY

10-18 January (Saturday-Sunday): Public school mid-year break.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

26-27 January (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 January (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

26-28 January (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, Riyadh,

27-28 January (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 January (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 January (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 February (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 February (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

2-13 February (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

3-4 February (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

4 February (Wednesday): Michelin Guide’s Restaurant Celebration, Four Seasons Hotel, Riyadh.

5 February (Thursday): Deadline to submit bids for EPC contract for Ras Mohaisen-Baha-Makkah Independent Water Transmission System.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

8-9 February (Sunday-Monday): AlUla Conference on Emerging Market Economies (ACEME), Maraya Hall, AlUla.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 February (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 February (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

16 February (Monday): King Salman Stadium design-and-build contract prequalification submission deadline.

16 February (Monday): First day of Ramadan (TBC).

22 February (Sunday): Founding Day.

26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

18-23 March (Tuesday-Monday): Eid Al-Fitr holiday (TBC).

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center – Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), Riyadh.

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

24-28 May (Sunday-Thursday): Eid al-Adha holiday.

JUNE

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

SEPTEMBER

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

OCTOBER

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production in 2026.
November: UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
November: The Esports Nations Cup, Riyadh.
The Intervision international music competition will take place in Saudi Arabia.
6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

Signposted to happen sometime in 2027:

The World Water Forum takes place in Riyadh.
The Ocean Race finishes in Amaala on the Red Sea.
Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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