{"id":99887,"date":"2025-08-21T00:00:00","date_gmt":"2025-08-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/08\/21\/riyadh-to-revamp-local-roads-under-sar-245-mn-push\/"},"modified":"2025-08-21T00:00:00","modified_gmt":"2025-08-21T00:00:00","slug":"riyadh-to-revamp-local-roads-under-sar-245-mn-push","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/08\/21\/riyadh-to-revamp-local-roads-under-sar-245-mn-push\/","title":{"rendered":"Riyadh to revamp local roads under SAR 245 mn push"},"content":{"rendered":"

\n

INFRASTRUCTURE-<\/p>\n

The <\/strong>Riyadh Municipality broke ground on <\/strong>14 p<\/strong>rojects worth SAR 245<\/strong> mn to<\/strong> upgrade roads throughout the capital<\/strong>, it said on X<\/a> this week. The projects cover roads in high and medium-density neighborhoods and unpaved roads, focusing on improving traffic safety, creating access points to new areas, and reducing dust and water pooling.<\/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

REAL ESTATE-<\/p>\n

GIB Capital will manage Al Wouroud 2 Fund, a private real estate fund with over<\/strong> SAR 1.5<\/strong> bn in investments<\/strong> located in Taif on a 1.4 mn sqm area, it said in a statement<\/a> yesterday. The fund will include residential, commercial, and tourist areas.<\/p>\n

\n

EXPANSION-<\/p>\n

Saudi-China Noor technology JV launches: <\/strong>Advance International for Telecommunications<\/a>and Information Technology<\/a> (Aictec) finalized the establishment of its joint venture with China\u2019s ZKTeco<\/a>, Noor Technology Company, following their earlier MoU in May<\/a>, it said in a disclosure to Tadawul<\/a> yesterday.<\/p>\n

The details:<\/strong> The new company, with a capital of SAR 5.6 mn \u2014 60% owned by ZKTeco and 40% by Aictec \u2014 will set up a factory in the Kingdom to manufacture security inspection gates, vehicle and pedestrian access control systems, and advanced technology solutions for local and Middle East markets.<\/p>\n

\n

AVIATION-<\/p>\n

The <\/strong>General Authority of Civil Aviation authorized <\/strong>VistaaJet<\/a><\/strong> to run<\/strong> domestic flights<\/strong>, making it the first international private jet operator allowed to do so since cabotage restrictions were lifted in May, it said in a statement<\/a> yesterday. VistaJet previously only operated in the Kingdom through international routes.<\/p>\n

BACKGROUND- <\/strong>KSA anticipated strong foreign investor demand for the private jet industry and has been looking to cater to the growing interest, The National<\/a> reported. Bringing in foreign private jets is also set to boost Gaca\u2019s goal of increasing the sector\u2019s contribution to GDP to SAR 7.8 bn (c. USD 2.1 bn).<\/p>\n

\n

LOCALIZATION-<\/p>\n

The Public Investment Fund (PIF) launched the <\/strong>Azm program<\/a><\/strong> to train and <\/strong>hire local talent<\/strong> for its projects and portfolio companies<\/strong>, it said on X<\/a> on Monday. The program will focus on linking training to jobs, developing tailored programs for market needs, and offering specialized training for PIF staff, Al Arabiya<\/a> reports. It was launched in partnership with Roshn Group, the Human Resources and Development Fund, the Technical and Vocational Training Corporation, and Colleges of Excellence.<\/p>\n

\n

DEBT WATCH-<\/p>\n

Perfe<\/a><\/strong>ct Presentation for Commercial Services Company<\/a><\/strong> (2P) secured an additional SAR <\/strong>135 mn shariah-compliant credit facility from Arab National Bank<\/strong>, it said in a Tadawul disclosure<\/a> yesterday. Valid until 20 August 2026, 2P will allocate the funding in awarding new projects in addition to issuing letters of guarantees, letters of credit and invoice financing. <\/p>\n

Debt spree?<\/strong> The company renewed earlier in August<\/a> a SAR 95 mn shariah-compliant facility with the National Bank of Bahrain, and a SAR 330 mn shariah-compliant loan from Riyad Bank in July<\/a>. While in May<\/a>, 2P lined up SAR 73.6 mn in financing from the Saudi National Bank and a SAR 265 mn shariah-compliant bank facility with Al Rajhi Bank<\/a>. The company also got a SAR 135 mn shariah-complaint loan from Gulf International Bank in February<\/a>.<\/p>\n

\n

LOGISTICS-<\/p>\n

Sadr<\/a><\/strong>Logistics<\/a><\/strong> leases <\/strong>Sadr Park<\/a><\/strong> to <\/strong>Starlinks<\/a><\/strong> in a SAR 249.3 mn 2PL warehousing and<\/strong> logistics deal<\/strong>, allowing Starlinks<\/a><\/strong> to operate and store their clients\u2019 goods over 10 years effective this September, it said in a Tadawul disclosure<\/a> yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"

ALSO- GACA certifies VistaJet for Saudi domestic operations after cabotage rule change<\/p>\n","protected":false},"author":1,"featured_media":99888,"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":[2463,54,10,1868,2327,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-advance-international-company-for-communication-and-information-technology","tag-also-on-our-radar","tag-enterpriseam-ksa","tag-general-authority-of-civil-aviation-gaca","tag-gib-capital","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"ce7bce34-1900-4602-a741-4890652b32c7","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/7\/814.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Riyadh to overhaul local roads under SAR 245 mn development push","related_issue":[99870],"teaser":"ALSO- GACA certifies VistaJet for Saudi domestic operations after cabotage rule change","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/8\/.9d5881cd-c37f-4811-90f9-7cd938ae80e2.mp3"},"yoast_head":"\nRiyadh to revamp local roads under SAR 245 mn push - 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