Sign in
ENERGY-
Aldrees gets six new fuel stations on the road: Fuel retailer Aldrees Petroleum and Transport Services Co. opened six new fuel stations in Riyadh, Madinah, Khamis Mushait, Bisha, Turaif and Sabya throughout February, it said in separate posts on X.
CONSTRUCTION-
Retal hired as development manager for new complex in Riyadh: Tadawul-listed Retal Urban Development Company was appointed as a development manager by BlomInvest Saudi Arabia’s Business Oasis Fund for a “premium” complex in Riyadh under a SAR 25 mn contract, it said in a disclosure to Tadawul yesterday. The complex, located in Riyadh’s Al Narjes district, will span an area of 40k sqm and be home to offices and showrooms. The contract duration was set at 30 months, which starts upon commencement of construction.
REAL ESTATE-
Saudi-Egyptian consortium teams up with AOI to procure building materials for the Kingdom: A consortium that includes local aluminum manufacturer Aluminum Products Company (Alupco), Egypt’s Octa International (the business development arm of Dunes Capital Group ’s Octa Holding), and real estate developer City Edge Developments has inked an MoU with Egypt’s Arab Organization for Industrialization (AOI) to manage the supply chain of USD 1 bn worth of building materials for real estate development projects in the Kingdom, according to a statement from the AOI.
ENERGY-
National Gypsum Co. expects higher costs due to Aramco’s fuel hike:Tadawul-listed National Gypsum Co. (NGC) expects its sales costs to rise by 10.8%on the back of Aramco’s hike in diesel prices in January, it said in a disclosure to Tadawul earlier this week. The gypsum manufacturer sees the impact starting from Q1 results, it said, adding that it is “working to minimize the financial impact of this adjustment on the financial results”.
Fuel hikes? Aramco has notified in January industrial and petrochemical companies that it is raising the price of diesel 53% to SAR 1.15 per liter this year from SAR 0.75 last year. A number of Tadawul-listed players, including Sabic, said that they expect the price hike to hit their cost of production in 1Q 2024.
FOOD PRODUCTION-
Balady Poultry + China’s Famsun to set up USD 7 mn feed production facility: Nomu-listed Balady Poultry signed a USD 7 mn contract with China-based agro-business solutions provider Famsun to establish a new feed production plant in Khamis Mushait, it said in a disclosure to Tadawul yesterday. The plant will have three production lines with a capacity of 60 tons per hour. It will also include storage silos for corn feed with a capacity of 20k ton and a 10k ton soybean silo. The new plant comes under Balady Poultry’s strategy to “promote the poultry farming sector,” it said.
HAJJ SEASON-
Pilgrimage sites developer Jabal Omar Development Company has obtained a final permit from the Hajj and Umrah Ministry to provide services to 80k pilgrims overseas, it said in a disclosure to Tadawul yesterday. No further details were provided.
It’s been eventful for Jabal Omar since the start of 2024: It secured last month a SAR 1.9 bn murabaha facility from Al Rajhi Bank aimed at accelerating the completion of under-development assets and paying off debt. It also obtained in January an operating license from the Tourism Ministry for the second tower of its Jabal Omar Jumeirah hotel.
