{"id":86609,"date":"2024-05-28T00:00:00","date_gmt":"2024-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/pif-launches-space-company-in-localization-drive-plus-real-estate-infrastructure-and-healthcare\/"},"modified":"2024-05-28T00:00:00","modified_gmt":"2024-05-28T00:00:00","slug":"pif-launches-space-company-in-localization-drive-plus-real-estate-infrastructure-and-healthcare","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/pif-launches-space-company-in-localization-drive-plus-real-estate-infrastructure-and-healthcare\/","title":{"rendered":"PIF launches space company in localization drive. Plus: real estate, infrastructure and healthcare"},"content":{"rendered":"<p class=\"tag-border-left\">REAL ESTATE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Sports Boulevard doubles value of real estate fund: <\/strong>The <a target=\"_blank\" href=\"https:\/\/sportsboulevard.sa\/en\" style=\"\" rel=\"noopener\">Sports Boulevard Foundation<\/a> is doubling the value of its private real estate investment fund Sports Boulevard Real Estate Fund 1 to SAR 2 bn under a partnership with Ajdan Real Estate Development Company and Albilad Capital, according to a <a target=\"_blank\" href=\"https:\/\/sportsboulevard.sa\/en\/sports-boulevard-doubles-the-value-of-private-real-estate-investment-funds-for-the-arts-district-to-reach-sar-2-billion\" style=\"\" rel=\"noopener\">statement<\/a>. The fresh funds were earmarked to boost the \u201cprivate sector participation\u201d in the Arts District \u2014 one of Sports Boulevard\u2019s <a target=\"_blank\" href=\"https:\/\/sportsboulevard.sa\/en\/our-districts\" style=\"\" rel=\"noopener\">eight districts<\/a> \u2014 it said in a <a target=\"_blank\" href=\"https:\/\/sportsboulevard.sa\/en\/sports-boulevard-doubles-the-value-of-private-real-estate-investment-funds-for-the-arts-district-to-reach-sar-2-billion\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A look at the fund\u2019s structure:<\/strong> The Sports Boulevard Development Company remains the major unitholder in the fund, with the structure seeing Ajdan Real Estate Development Company as a developer and primary investor and Albilad Capital as the fund manager. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the Riyadh megaproject: <\/strong>Inspired by Salmani architectural style, Sports Boulevard \u2014 one of the capital\u2019s megaprojects \u2014 is a large-scale linear park that aims to promote the capital to be among the world\u2019s most liveable cities. It spans over 135 km on Prince Mohammed bin Salman bin Abdulaziz Road to connect the capital\u2019s east to the west through dedicated green pathways for athletes, cyclists, pedestrians and others.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- PIF-backed master developer Diriyah Company broke ground on a premium office <\/strong><strong>space in Diriyah<\/strong>, the original home of the Saudi royal family, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2111262\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. It will build five low-rise sustainable office buildings offering 39k sqm of gross leasable area and a total gross floor area of 47k sqm. The exterior facade of the buildings, which could accommodate 4k people, will be inspired by the traditional Najdi architecture.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Roshn partners up with Saudi Credit Bureau for accurate <\/strong><strong>home-buying info<\/strong>: PIF-backed real estate developer Roshn inked an agreement with the Saudi Credit Bureau (Simah) to enhance the home-buying experience for its customers using precise financial data, it said in <a target=\"_blank\" href=\"https:\/\/x.com\/Roshnksa\/status\/1795034910006149132\" style=\"\" rel=\"noopener\">a post on X<\/a>. No further details were provided.<\/p>\n<p class=\"tag-border-left\">HOSPITALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ritzcarlton.com\/en\/hotels\/ejhrz-nujuma-a-ritz-carlton-reserve\/overview\/\" style=\"\" rel=\"noopener\">Nujuma<\/a><\/strong><strong> \u2014 the first Ritz-Carlton reserve in the region \u2014 opened its doors earlier this <\/strong><strong>week to welcome its first guests<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.redseaglobal.com\/en\/-\/media-center\/nujuma-a-ritz-carlton-reserve-opens-its-doors-at-the-red-sea\" style=\"\" rel=\"noopener\">statement<\/a>. The 63-key resort is located on PIF-backed Red Sea Global\u2019s Ummahat Islands. Nujuma is Red Sea Global\u2019s third operational resort after the <a target=\"_blank\" href=\"https:\/\/www.sixsenses.com\/en\/resorts\/southern-dunes-the-red-sea\/\" style=\"\" rel=\"noopener\">Six Senses Southern Dunes<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.marriott.com\/en-us\/hotels\/ejhxr-the-st-regis-red-sea-resort\/overview\/\" style=\"\" rel=\"noopener\">St Regis Red Sea Resort<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Already breaking records:<\/strong> Stays at Nujuma start from SAR 9.9k (c. USD 2.6k) per night, beating Dubai\u2019s Burj Al Arab as the most expensive hotel in the region. Villa rates at the Maldives-inspired island retreat start from SAR 8.8k per night, while its most expensive Royal Nujuma Villa has rates starting at SAR 81k per night.<\/p>\n<p class=\"tag-border-left\">EARNINGS WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abdul Mohsen Al Hokair Group for Tourism and Development (Al Hokair Group) has <\/strong><strong>trimmed its accumulated losses by 1.3% to reach 34.9% of its current capital<\/strong>, or SAR 110 mn, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83Z29TAwC_Rx9DSxdLY0MDAz1w_Wj9KOQlRgEB5gaBLoF-Br7GAQZuBuYQRUY4ACOBvoF2dmBAERHA9g!\/dz\/d5\/L0lDU0NRa2dwUXBRa0tDbEVLQ2xFSklLSUtVUW9ncFJJa0EhIS9ZUFVFQUFBSUlFTUVDS0lFQUdJR09JT0lCSkZKRkJKTkROREJORUxMSEhQSFBMSEFnb2dvckFzQ0FBISEvNEpDaWpLMWJHTGppRUVwTWhUVlVrNUNpbXBwektETmJ0WmJPYW5tdDJzdGd0U0txb3lRIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy92aWV3L25vcm1hbC9lbi9jb21wYW55U3ltYm9sLzE4MjAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwNDAw\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Al Hokair Group has taken steps to cut accumulated losses, including restructuring the company\u2019s sectors, divesting from \u201cpoorly performing projects\u201d that generate losses among others. <\/p>\n<p class=\"tag-border-left\">SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Public Investment Fund launched a <\/strong><strong>commercial satellite and space company named <\/strong><strong>Neo Space Group<\/strong><strong>, <\/strong>it said in <a target=\"_blank\" href=\"https:\/\/www.pif.gov.sa\/en\/news-and-insights\/press-releases\/2024\/pif-launches-neo-space-group-to-boost-saudi-arabias-satellite-and-space-industries\/\" style=\"\" rel=\"noopener\">a press release<\/a>. \u201cThe group will invest in localization, technology, start-ups, and knowledge in the space and satellite sector in Saudi Arabia.\u201d The Kingdom could be running space tourism trials later this year, Saudi Space Agency CEO Mohammed Al Tamimi said at the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/027bea23-9269-4073-8314-6a784852c0ed\/day-1-of-the-future-aviation-forum-ends-on-a-high-note\" style=\"\" rel=\"noopener\">Future Aviation Forum last week<\/a>. \u201cWithin a window of 60 days from now, there will be an announcement to do some trials here in Saudi Arabia about space tourism,\u201d he said.<\/p>\n<p class=\"tag-border-left\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alkhorayef Water and Power Technologies obtained a Shariah-compliant banking facility <\/strong><strong>worth SAR 275 mn from Bank Albilad<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyMjAwlA_ODVPvyA3NMIgMyA3XNdREQDbrVaq\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDQwNS9jb21wYW55U3ltYm9sLzIwODEvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The funding will be channeled to issue all types of governmental and non-governmental guarantees, letters of credit, and payments for projects.<\/p>\n<p class=\"tag-border-left\">INFRASTRUCTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Royal Commission at Yanbu signed an MoU with local <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/skytowersaudi\/\" style=\"\" rel=\"noopener\">SkyTower Investments<\/a><\/strong><strong> to <\/strong><strong>develop petrochemical, speciality chemicals and renewable energy projects<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/x.com\/RcjyYanbu\/status\/1794953932529176737\" style=\"\" rel=\"noopener\">post on X<\/a>. The MoU comes under the commission\u2019s plan to lure in local and foreign investments to the Yanbu Industrial City. No further details were provided.<\/p>\n<p class=\"tag-border-left\">HEALTHCARE <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nomu-listed healthcare provider Al Modawat Specialized Medical will fast-track the <\/strong><strong>expansion of its <\/strong><strong>general hospital in Asir <\/strong>\u201cto address high occupancy rates,\u201d it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/jZFRb4IwFIV_jY9LryCl7A0VK0aKFTqhL6ZO40ikmIVp_PfrNFkGDmPfmvude8-5F0mUIanVqdiruqi0Oph_LvHa8TFYUwIxTNMRYEgoFinpj0MbrZoAnVgB8Ik35OOA9oG6SP4tx77nmvJsSMO5bwd80NZDsnAMsIjsOSyBAm7qu-ZDx_PhOf0vQCKKgTOfx5brAH17Qi-byD8baPW4j3gFHmV46MLCbaC5ZoLvPNzHnCG5P1Sb28k_6vr42oMe1Gqrzl-HnrHwXpVHpS_JpdxUBvIcb9CFKq1HqkZZvxsItygjYHsEJTuNcnMEtzMfx2h1KnZnJHT1WRqHyU8cn7FYsFEQBSxdMxENgyXKby1l221-dZuaHTycciyFEBkUYbEoV6R2NoN8dmIv_BtP9qiW\/dz\/d5\/L0lHSkovd0RNQU5rQUVnQSEhLzROVkUvYXI!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The hospital\u2019s expansion is expected to cost SAR 16.3 mn, though the final cost could vary with labor expenses, Al Modawat said. The hospital group first <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6fb9e7ef-968a-405d-8303-8cb17bafcb2a\" style=\"\" rel=\"noopener\">announced the expansion<\/a> in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the expansion plan:<\/strong> The expansion of the western building spans 3k sqm in the second floor to add inpatients rooms, while the eastern building will see the addition of 42 clinics and a radiology department spanning an area of 3.6k sqm. It will also see a 2k sqm area that includes a men\u2019s gym and another 2k sqm that includes a women\u2019s gym.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: Sports Boulevard double its real estate fund value + Al Modawat Specialized Medical to ramp up Asir expansion to meet high demand<\/p>\n","protected":false},"author":1,"featured_media":86610,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[2838,654,328,54,962,233,10,2063,1151,2692,2067,2066,2068,2064,2065],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-al-hokair-group","tag-al-modawat-specialized-medical","tag-alkhorayef-water-and-power-technologies","tag-also-on-our-radar","tag-bank-albilad","tag-diriyah","tag-enterpriseam-ksa","tag-neo-space-group-nsg","tag-public-investment-fund-pif","tag-roshn","tag-royal-commission-at-yanbu","tag-saudi-credit-bureau-simah","tag-skytower-investments","tag-sports-boulevard-foundation","tag-sports-boulevard-real-estate-fund-1","wpautop","entry"],"acf":{"mongo_id":"42545185-9858-4cc4-840e-94b34dd78545","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2257.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF launches space company in localization drive","related_issue":[86592],"teaser":"PLUS: Sports Boulevard double its real estate fund value + Al Modawat Specialized Medical to ramp up Asir expansion to meet high demand","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.a7a17db8-6e59-4c67-8bac-ac275b219e7c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PIF launches space company in localization drive. 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