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AVIATION-
The General Authority of Civil Aviation (GACA) signed a MoU with China Civil Aviation Administration of China to boost air transport, GACA said on X last week. The MoU aims to expand the number of destinations between the Kingdom and China and drive the growth of air traffic, Al Eqtisadiah reported. It also aims to develop a cooperation framework in air transport and cargo.
Remember- The Kingdom was granted last year “approved destination status” (ADS) by China in a bid to facilitate the travel of Chinese tourists here. The ADS is an arrangement between the Chinese government and another country that allows for the travel of Chinese tourists to the country in tour groups. The ADS status could help the Kingdom lure in 3 mm Chinese tourists by 2030, Tourism Minister Ahmed El Khateeb said.
VENTURE CAPITAL-
+VC gets Saudi boost through Tawarif: Plus VC has signed an MoU that will see Tawarif work on speeding up the expansion of some of +VC portfolio startups into Saudi through its flagship Saudi Landing Program, they said in a joint press release.
TOURISM-
Al Akaria has inked a 25-year agreement with Marriott International, to brand, manage and operate a new 280-key hotel in Al Aqeeq district in Riyadh under the Autograph Collection brand, it said in a statement to Tadawul. The hotel is set to start operations in 2028. While the contract carries no fixed price tag, Marriott International will receive management and performance fee for its work.
EDUCATION-
Waja Company has signed a SAR 98 mn contract with the Education and Training Evaluation Commission (ETEC) to implement IT works for ETEC, it said in a disclosure to Tadawul. Waja was awarded the project back in December and it runs for 10 months.
HEALTHCARE-
ADX-listed Burjeel Holdings plans to open two specialized day-surgery centers in Riyadh in 2025, it said in a statement last week. The centers will offer oncology, advanced gynecology, orthopedics, and neurology services. It set CAPEX spend per center at between USD 30-40 mn each, with USD 10-15 mn as working capital investment per center, according to the statement. It expects the centers to generate SAR 150-200 mn in annual revenues.
INVESTMENT-
Tarahum and Al Rajhi Capital have launched Tarahum Endowment Fundafter receiving approval from the Capital Market Authority, state news agency SPA reports. The fund is set to generate non-for-profit development returns by investing in asset classes including real estate, and debt papers amongst other fixed income instruments.
REAL ESTATE-
More Ashaad units added to Alinma Hospitality Reit Fund: Alinma Hospitality Reit Fund reached an agreement with property investment firm Ashaad to include more of the latter’s units in the fund, according to a disclosure to Tadawul last week.
MANUFACTURING-
#1-Arabian Cement to hand down delay damage penalty to Chinese contractor: Arabian Cement Co. (ACC) will impose a delay damage penaltyon EPC contractor China National Building Materials, Import & Export Corporation (CNBM) for delays in setting up its new cement mills at the Rabigh plant, it said in a disclosure to Tadawul last week. It attributed the delay to discussions between CNBM and its subsidiary Sinoma to hand over the outstanding project’s works, procurement plan and schedule and others.
Background: CNBM informed ACC in October 2022 of its failure to complete the project on time, prompting it to evaluate other offers for the completion of the project.
#2- New factory for Aslak in Al Kharj: United Wire Factories Co. (Aslak) inaugurated its new steel wires factory in Al Kharj Industrial City to cater for large projects related to Fifa World Cup 2034 and Expo 2030, it said in a statement to Argaam. It will have an initial production capacity of 90k tons annually and plans to raise it to reach 150k tons annually.
INFRASTRUCTURE-
Alkhorayef Water and Power Technologies has inked three contracts worth a combined SAR 285 mn with the National Water for maintenance works in water and sewage infrastructure in Damma, Makkah, and Taif, according to three separate disclosures (here, here and here). Two contracts run for 36 months, while the third runs for 60 months.
E-COMMERCE-
Amazon has reimbursed USD 1.9 mn to 700 contracted workers part of its Saudi operation for the collection of unlawful recruitment fees, it said in a statement. “Amazon found violations of its supply chain standards through an independent audit of a third-party licensed temporary labor agency” here, it said. The independent investigation also found “substandard living accommodations, contract and wage irregularities, and delays in the resolution of worker complaints,” it said. The company said it will roll out new controls to prevent issues in the future.
