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AUTOMOTIVE-
Juffali Automotive (Jaco), Saudi Arabia’s sole distributor for Mercedes-Benz, opened its largest center in the Kingdom, it said in a statement picked up by Argaam. The Riyadh facility has a two-floor showroom that can accommodate 30 vehicles. The center offers maintenance services and distribution points for authentic spare parts. It is also home for four vehicle delivery areas, all equipped with electric vehicle charging stations.
TRADE-
Bahri + GDC Middle East ink freight forwarding MoU: National shipping company Bahri Logistics signed an MoU with PIF’s aerospace system solutions subsidiary GDC Middle East to boost collaboration in freight forwarding services, according to a statement. Two sides signed the MoU on the sidelines of the World Defense Show 2024.
INFRASTRUCTURE-
#1- The National Water Company completed a SAR 638 mn project improving pumping systems in a dozen neighborhoods in Riyadh, Mubasher reports, citing a company statement. Over 1 mn residents benefitted from the improved water infrastructure
#2- India-based water technology company Tech Wabag has landed a USD 33.5 mn contract from SEPCO III Electric Power Construction Corporationfor engineering and procurement works at an industrial wastewater treatment plant at the Ras Tanura refinery complex, it said in a press release (pdf). The plant has a capacity of 20 mn liters per day.
AGRICULTURE-
Tabuk Agricultural Development (Tadco) will supply Wafrah for Industry and Development with industrial potatoes under a SAR 16 mn agreement, Tadco said in a statement to Tadawul. The contract runs until the end of March 2025.
DEBT WATCH-
Zahrat Al Waha has renewed a SAR 60 mn shariah-compliant credit facility agreement with Alinma Bank, it said in a disclosure to Tadawul. The debt will be guaranteed by order notes of business booked with the company and will be used to finance the issuance of letters of credit to purchase raw materials.
TRANSPORTATION + LOGISTICS-
Modon has signed two MoUs with Saudi Arabian Railwaysto develop a 1 mn sqm logistics city in Dammam, as well as a new passenger station at Sudair Industrial City, which will link to the Northern Railway System, Modon said. No further information was provided.
M&A WATCH-
Saudi Vitrified Clay Pipes (SVCP)could soon own 100% of Saudi Land Factory for Cement Products in an all-share acquisition after signing a sale and purchase agreement (SPA) in a bid to diversify its product portfolio, the company said in a disclosure to Tadawul. The transaction could go through by way of a paid transaction or issuing shares in SVCP for the selling shareholders, or a combination of both.
