{"id":95349,"date":"2025-03-17T00:00:00","date_gmt":"2025-03-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/17\/retal-owned-jv-lands-sar-450-mn-hospitality-works-contract\/"},"modified":"2025-03-17T00:00:00","modified_gmt":"2025-03-17T00:00:00","slug":"retal-owned-jv-lands-sar-450-mn-hospitality-works-contract","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/17\/retal-owned-jv-lands-sar-450-mn-hospitality-works-contract\/","title":{"rendered":"Retal-owned JV lands SAR 450 mn hospitality works contract"},"content":{"rendered":"

\n

REAL ESTATE-<\/p>\n

<\/strong>Remal Al <\/strong>Kh<\/strong>obar <\/strong>inks SAR 450 mn contract for Nobu Hotel and restaurant + <\/strong>Retal<\/strong> Rise:<\/strong> Remal Al Khobar Real Estate, a 50%-owned JV of Retal<\/a>Urban Development<\/a>, signed a SAR 450 mn, 15-month contract with the Specialized Construction Company<\/a> (SPCC), a 40%-owned JV of Retal, to handle the finishing and MEP works for Retal Rise and Nobu Hotel and restaurant in Al Khobar, Retail said in a disclosure to Tadawul<\/a>.<\/p>\n

About the projects: <\/strong>The Retal Rise project features 129 residential units, while the Nobu Hotel features 101 rooms and 62 residential units, along with a Nobu restaurant and cafe, all overlooking Al Khobar Corniche.<\/p>\n

\n

SPORTS-<\/p>\n

Arma<\/strong>h Sp<\/strong>orts<\/strong> taps Gulf Architects to build two B_Fit clubs in Riyadh: <\/strong>Gulf Architects for<\/a>Contracting<\/a> agreed to build two B_Fit<\/a> gyms in Riyadh\u2019s Munsiyah district for Armah<\/a>Sports<\/a> under a SAR 51.5 mn contract, the fitness centers operator said in a disclosure to Tadawul<\/a>. Construction will be executed over 14 months, with payments set to be made in monthly installments based on work progress.<\/p>\n

Not the first time:<\/strong> Armah Sports signed<\/a> a 22-year, SAR 19.7 mn land lease agreement worth SAR 19.7 mn in February 2024 to secure a plot on Makkah road in Riyadh\u2019s Al Hada to operate a B_Fit sports club.<\/p>\n

\n

CAPITAL MARKETS-<\/p>\n

SNB Capital secured approval to act as a market maker for Buraidah-based pipes<\/strong> maker <\/strong>Alwasail Industrial<\/a><\/strong> starting today,<\/strong> according to a Tadawul disclosure<\/a>. SNB Capital will maintain a minimum order presence of 50%, a minimum order size of SAR 50k, and a maximum bid-ask spread of 5%.<\/p>\n

IN CONTEXT- <\/strong>The Nomu-listed pipe manufacturer withdrew<\/a> its application in August to move up to Tadawul\u2019s main market, citing failure to meet requirements after submitting<\/a> a request in June. The company said it plans to reapply in the future.<\/p>\n

\n

REGULATION WATCH-<\/p>\n

Six companies secured a Tier 1 Managed Cybersecurity Operations Center <\/strong>(MSOC) <\/strong>Services License<\/strong> from the National Cybersecurity Authority, according to a statement released<\/a> yesterday. The newly licensed providers include PIF\u2019s wholly owned Saudi IT company (Site)<\/a>, stc\u2019s sirar<\/a>, Haboob<\/a>, Aramco Digital\u2019s Cyberani<\/a>, Riyadh-based Technology Control Company<\/a>, and Saudi Arabian Military Industries Advanced Electronics (SAMI-AEC)<\/a>.<\/p>\n

About the license: <\/strong>The license is designed for large-scale service providers managing critical cybersecurity operations for government and private sector entities, including managing critical national infrastructure. License holders must have a minimum capital of SAR 50 mn, operate 24\/7 Security Operations Centers (SOCs), and meet strict technical and staffing requirements.<\/p>\n

\n

DEBT WATCH-<\/p>\n

Environm<\/strong>ent<\/strong> Fund + Kafalah partner up to back SMEs loans for green projects:<\/strong> The Environment Fund signed an agreement with the Small and Medium Enterprise Loan Guarantee Program (Kafalah) to launch a loan guarantee product to help SMEs secure needed loans for their local environmental projects, the Saudi Gazette<\/a> reports, citing Environment Minister Abdulrahman bin Abdulmohsen Al Fadhly. The move aims to back the national environment strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"

ALSO- Armah Sports to build two B_Fit clubs in Riyadh<\/p>\n","protected":false},"author":1,"featured_media":95350,"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":[54,10,388,712],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam-ksa","tag-kafalah","tag-retal-urban-development","wpautop","entry"],"acf":{"mongo_id":"17ae7a99-0b1d-4ef4-ba45-cab44ceab515","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2518.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Retal-owned JV lands SAR 450 mn hospitality works contract","related_issue":[95334],"teaser":"ALSO- Armah Sports to build two B_Fit clubs in Riyadh","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.29261dae-0cd4-4926-8638-65812341c069.mp3"},"yoast_head":"\nRetal-owned JV lands SAR 450 mn hospitality works contract - 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