{"id":93588,"date":"2025-01-21T00:00:00","date_gmt":"2025-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/21\/jeddah-tower-construction-is-back-on\/"},"modified":"2025-01-21T00:00:00","modified_gmt":"2025-01-21T00:00:00","slug":"jeddah-tower-construction-is-back-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/21\/jeddah-tower-construction-is-back-on\/","title":{"rendered":"Jeddah Tower construction is back on"},"content":{"rendered":"

\n

CONSTRUCTION-<\/p>\n

#1- Construction resumed on the world\u2019s tallest tower: <\/strong>Kingdom Holding Company officially resumed construction of the 1k-meter Jeddah Tower, set to become the world\u2019s tallest building, it said in a post on X<\/a>. <\/p>\n

Where we last left off: <\/strong>Some 63 floors have been completed out of a total of 157, before work on the project was stalled in January 2018. The project\u2019s manager Jeddah Economic Company tapped Saudi Binladin Group in October<\/a> to resume construction works under a SAR 7.4 bn agreement, of which SAR 1.1 bn has been paid.<\/p>\n

#2- <\/strong>Red Sea International Company<\/a><\/strong>\u2019s subsidiary Fundamental Installation for Electric<\/strong> Work <\/strong>Company sealed a SAR 266 mn contract<\/strong> with ALEC Saudi Arabia Engineering and Contracting<\/a> to install mechanical, electrical, and plumbing (MEP) systems at iLMi Science Discovery and Innovation Center<\/a> in Riyadh\u2019s Mohamed Bin Salman Nonprofit City, according to a disclosure to Tadawul<\/a>. The project will take 636 days to be executed.<\/p>\n

\n

MANUFACTURING-<\/p>\n

#1- Polymers recy<\/strong>cling firm <\/strong>Saudi Top Trading Company<\/a><\/strong> is gearing up to kick off pilot <\/strong>production at its newly-constructed West Coast Factory in 1Q 2025<\/strong>, according to a disclosure<\/a> to Tadawul. Rabigh Refining and Petrochemical Company (Petro Rabigh) will supply raw materials \u2014 including polymer scrap, rubber, and synthetic wax, under an agreement it signed with Saudi Top Trading around two years ago.<\/p>\n

BACKGROUND- <\/strong>Saudi Top Trading\u2019s subsidiary Saudi Summit Factory for Plastic Granules Production signed an MoU with Petro Rabigh worth SAR 100 mn<\/a> in December 2022 to establish the factory in the Rabigh PlusTech Park. The facility aims to produce 50k tons annually of polymers, rubber, and industrial waxes.<\/p>\n

\n

\n

#2- <\/strong>Saudi Ceramics Company<\/a><\/strong> expects to see a 2% rise in production costs <\/strong>on the back of Aramco\u2019s recent hike to feedstock and fuel prices, it said in a disclosure to Tadawul<\/a>. The company said it will implement cost-reduction measures and improve production efficiency to mitigate the impact of this increase.<\/p>\n

BACKGROUND-<\/strong> Saudi Aramco raised domestic diesel prices by 44%<\/a> to SAR 1.66 per liter for 2025, following a similar 53% hike to SAR 1.15 per liter last year<\/a>. This price adjustment is part of Aramco's annual review under its pricing mechanism. The company notified Tadawul-listed industrial firms of the price changes, which took effect on 1 January.<\/p>\n

\n

RESEARCH-<\/p>\n

Prince Sultan University rolled out an AI initiative for students <\/strong>offering training programs and joint research projects, along with other programs involving global experts, according to a statement<\/a> from the non-profit private university. The initiative \u2014 launched in partnership with deep tech AI firm Intelmatix<\/a> and researchers from 10 international universities \u2014 aims to boost innovation in education automation, robotics, and data analytics.<\/p>\n

\n

MINING-<\/p>\n

Tahreez + <\/strong>Fleet set to launch AI-powered mineral exploration JV: <\/strong>Alturki Holding<\/a> \u2019s engineering and technology contracting arm Tahreez<\/a> signed an MoU with Australia\u2019s Fleet Space<\/a> to form a mineral exploration joint venture, according to a statement<\/a>. The JV will utilize space tech, AI, and Fleet Space's ExoSphere platform<\/a> to accelerate exploration in the Arabian Shield region and establish a local base of operations across the Kingdom.<\/p>\n

\n

FINANCIAL SERVICES-<\/p>\n

Cenomi Centers partnered with Visa to introduce flexible loyalty programs<\/strong> using Visa\u2019s payment solutions later this year, according to a press release<\/a>. The partnership will replace the current Cenomi Rewards app and will see the launch of co-branded Visa cards.<\/p>\n

\n

PHARMA-<\/p>\n

Saudi comp<\/strong>anies are in talks with Oman\u2019s Health Ministry to establish joint pharma <\/strong>factories in Muscat<\/strong>, Aleqtisadiah<\/a> reports, citing anonymous sources. No further details were provided on the projects\u2019 timeline or investment ticket.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Saudi Top Trading Company to pilot production at its newly-constructed West Coast Factory in 1Q 2025<\/p>\n","protected":false},"author":1,"featured_media":93589,"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":[2439,54,10,392,3730,3731],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-ai","tag-also-on-our-radar","tag-enterpriseam-ksa","tag-manufacturing","tag-prince-sultan-university-psu","tag-saudi-top-trading","wpautop","entry"],"acf":{"mongo_id":"f34e82cc-7cef-4661-8b2e-672161c9a362","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/295.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Jeddah Tower construction is back on","related_issue":[93572],"teaser":"PLUS: Saudi Top Trading Company to pilot production at its newly-constructed West Coast Factory in 1Q 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.131e780d-b58d-480c-8769-19b95087c226.mp3"},"yoast_head":"\nJeddah Tower construction is back on - 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