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SHIPPING + MARITIME-
Bahri to charter methanol-powered vessels from Proman: National Saudi shipping firm Bahri subsidiary Bahri Chemicals and methanol producer Proman have inked a five-year agreement for Bahri to charter two methanol-powered vessels, according to a statement released on Thursday. The two ships — the Stena Provident and the Stena Progressive — will be used to transport a variety of products internationally. The IMOIIMeMAX ships are advanced dual-fuel tankers that are highly efficient for transporting cargo, the statement said.
TOURISM-
Asfar set to develop tourist destination in Al Ahsa: The Saudi Tourism Investment Company (Asfar) — wholly owned by the PIF — signed an MoU with Al Ahsa Municipality to develop a “major” tourist attraction in the Eastern Province, according to a joint statement yesterday. The MoU will pave the way for Asfar and the private sector to turn an area of 500k sqm into a tourist destination, the statement said, without providing further details on the investments or timeline of the project.
HOSPITALITY-
Jabal Omar receives license to operate second tower of five-star Makkah hotel:Jabal Omar Development — one of the Kingdom’s largest listed property developers — has obtained an operating license from the Tourism Ministry for the second tower of its Jabal Omar Jumeirah hotel, it said in a disclosure to Tadawul yesterday.
By the numbers: The second tower is home to 244 rooms and suites, meeting rooms, and a business center service, among others.
INVESTMENT-
PepsiCo invests big in local potatoes:PepsiCo will invest SAR 225 mn in cultivating potatoes for processed potato production under an agreement with the National Industrial Development Center (NIDC), the government agency said on X earlier this week. No further details have been provided about the scope of the project.
DEBT-
Tadco gets second installment of ADF loan: The Tabuk Agricultural Development Co (Tadco) received a second installment amounting to SAR 30 mn as part of an operational loan of SAR 50.5 mn from the Agricultural Development Fund (ADF), it said in a disclosure to Tadawul yesterday. The announcement comes a few weeks after it received a first installment of c. SAR 9.9 mn. The two-year financing package will be directed towards the company’s operations.
ALSO- Tadco’s board of directors approved yesterday the company’s new strategic plan covering a six-year period from 2024 to 2030.The new strategy aims to diversify Tadco’s revenue streams and prioritize products with a competitive advantage in a bid to solidify the company’s position in the food and agribusiness sectors.
INFRASTRUCTURE-
Diriyah completes Western Ring Road tunnel: PIF-backed Diriyah Company announced the completion of the Western Ring Road connecting the city with one of Riyadh’s main highways, it said in a statement yesterday. The project includes a 435-meter tunnel with eight lanes in both southbound and northbound directions. It comes under efforts to provide better access to Diriyah and the rest of the capital.
