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ENERGY-<\/p>\n
Arabian Drilling<\/a><\/strong> secured the extensions of four rig contracts with Aramco<\/strong> for a <\/strong>total combined backlog worth SAR 1.4 bn<\/strong>, it said in a press release (pdf)<\/a>. The extensions range from from 1 to 10 years, raising the company\u2019s current backlog to SAR 11.1 bn. The contract renewals are part of a large company plan to extend the operating life of 22 rigs originally set to expire by 31 March 2025, it added.<\/p>\n \n LOGISTICS-<\/p>\n Construction on a SAR 689 mn logistics corridor in Jeddah <\/strong>kicked off<\/strong>, connecting Jeddah Islamic Port to the Al Khumrah logistics zone to streamline the movement of over 8k trucks daily, state news agency Al Arabiya<\/a> reporters. <\/p>\n About the corridor: <\/strong>The 17-km project includes two lanes in each direction and over 12 suspension bridges, and is scheduled for completion by the end of 2028. The corridor is expected to increase the operational capacity of Jeddah Islamic Port by more than 10%.<\/p>\n \n Modern Port Services took over the operation of multipurpose terminals along the<\/strong> Kingdom\u2019s Eastern Coast starting 1 July<\/strong>, according to a press release<\/a>. The Saudi Global P<\/a>orts<\/a> (SGP) subsidiary will oversee seaport terminals located at King Abdulaziz Port in Dammam, Jubail\u2019s Commercial Port, King Fahd Industrial Port, and Ras Al Khair Port for the next two decades.<\/p>\n REFRESHER- <\/strong>The Saudi Ports Authority (Mawani)<\/a> awarded SGP a SAR 2.2 bn build, operate, and transfer contract last June<\/a>, including a 20-year concession covering eight major ports and an obligation to invest SAR 700 mn (c. USD 187 mn) in four Eastern ports.<\/p>\n \n M&A WATCH-<\/p>\n Ma\u2019aden completes acquisition of its subsidiaries MBAC and MAC<\/strong>: <\/strong>Ma\u2019aden finalized the acquisition of 25.1% share of Maa\u2019den Bauxite and Alumina Company (MBAC) from AWA Saudi, and a similar share of Ma\u2019aden Aluminium Company (MAC) from Alcoa Saudi<\/a>, it said in a disclosure to Tadawul<\/a> yesterday.<\/p>\n The details: <\/strong>In exchange for the acquisition, which came into effect yesterday, Ma\u2019aden granted Alcoa Saudi some 67.6 mn shares, amounting to 1.74% of the company\u2019s capital, while AWA Saudi received about 18.4 mn shares (0.47%) along with a cash payment of SAR 562.5 mn.<\/p>\n IN CONTEXT-<\/strong> Ma\u2019aden\u2019s board approved increasing its capital last week<\/a> by 2.3% to SAR 38.9 bn through the issuing of over 85 mn new shares, valued at SAR 859.8 mn to be used as payments for the acquisition of its subsidiaries.<\/p>\n \n DEBT WATCH-<\/p>\n Saudi Nation<\/strong>al Bank (SNB) plans to fully buy back SAR 2 bn in tier 1 capital sukuk at face<\/strong> value when they mature on 15 July<\/strong>, it said in a Tadawul disclosure<\/a>. The sukuk issuance helped SNB to optimize capital and will be delisted following redemption, with SNB Capital acting as the payment administrator and sukukholders\u2019 agent.<\/p>\n Background:<\/strong> SNB redeemed SAR 4.2 bn in AT1 capital sukuk at face value last month<\/a>. The instrument was issued to finance working capital back in 2020 without fixed maturity, but included a first call date five years post-issuance \u2014 a common feature in AT1 capital instruments.<\/p>\n (** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n \n HOSPITALITY-<\/p>\n Rixos<\/strong> opens for business in Jeddah:<\/strong> The 250-key Rixos Obhour<\/a>Jeddah<\/a> was inaugurated in Jeddah\u2019s Obhour Bay yesterday, adding 176 rooms and suites, and 74 private villas to the Kingdom\u2019s immersive, inclusive, and family-centric offering, according to a press release<\/a>.<\/p>\n More of Rixos is coming to Saudi: <\/strong>A separate SAR 1.4 bn multi-use resort in the Kingdom\u2019s Eastern Province will operate under the Turkish-hospitality brand, after real estate and hospitality outfit FTG Group and the Tourism Development Fund in the Eastern Province agreed to co-fund the development last November<\/a>.<\/p>\n \n INVESTMENT WATCH-<\/p>\n A<\/strong>bu Dhabi-based private fund manager <\/strong>Ruya Partners<\/a><\/strong> invested SAR 206 mn to<\/strong> finance<\/strong> AlShair Group<\/a><\/strong>\u2019s new hygiene nonwoven fiber production plant in Yanbu<\/strong>, according to a press release<\/a>. The project aims to boost local production of raw materials used in hygiene products.<\/p>\n More details: <\/strong>The new plant will supply the United Saudi Company<\/a>, also owned by AlShair, with raw materials and will support AlShair\u2019s vertical integration by bringing the full nonwoven supply chain inside the Kingdom. The facility is expected to begin operations within two years with an initial production capacity of 30k metric tons, expanding to 50k tons in a later phase.<\/p>\n \n TECH-<\/p>\n Swedish telec<\/strong>oms equipment maker <\/strong>Ericsson<\/a><\/strong> opened its new regional headquarters in<\/strong> Riyadh<\/strong>, which will oversee the company\u2019s regional operations across the Middle East and Africa, it said in a press release<\/a> on Tuesday. Ericsson had tapped Hakan Cervel as its new VP and head of the Saudi customer unit at its Middle East and Africa arm earlier this year<\/a>.<\/p>\n \n AVIATION-<\/p>\n National flag carrier Saudia signed an interline partnership agreement with Canadian<\/strong> carrier <\/strong>WestJet<\/a><\/strong>, allowing clients to book single tickets for routes through both carriers\u2019 networks with single-point check-ins and through-checked baggage, according to Saudia<\/a> and WestJet<\/a>. The partnership boosts connection to Jeddah via Toronto Pearson International Airport, and routing to both Jeddah and Riyadh from London Heathrow and Paris Charles-de-Gaulle Airports.<\/p>\n ALSO- Saudi inked a codeshare agreement with <\/strong>Vietnam Airlines<\/a><\/strong>, connecting the Vietnamese Capital Hanoi and Ho Chi Minh City with Jeddah and Riyadh, according to a press release<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" PLUS: Jeddah launches SAR 689 mn truck corridor<\/p>\n","protected":false},"author":1,"featured_media":98431,"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":[54,961,139,10,2318,528,127,102,1115,2766],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-arabian-drilling","tag-aramco","tag-enterpriseam-ksa","tag-ericsson","tag-jeddah-islamic-port","tag-king-fahd-international-airport","tag-maaden","tag-saudi-national-bank-snb","tag-saudia","wpautop","entry"],"acf":{"mongo_id":"7e2591d0-3166-4f55-8ab1-f307dd323385","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1368.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Arabian Drilling lands a SAR 1.4 bn rig contract extension with Aramco","related_issue":[98414],"teaser":"PLUS: Jeddah launches SAR 689 mn truck corridor","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.b2c171dd-e393-4a13-8127-79471bfc454b.mp3"},"yoast_head":"\n
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