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LOGISTICS-
Mawani + Medlog partner to establish logistics center at Jeddah Islamic Port: Saudi Ports Authority (Mawani) has inked an agreement with MSC logistics arm Medlog to establish a SAR 175 mn integrated logistics park at Jeddah Islamic Port for the handling and storage of empty containers, it said in a press release. The 100k sqm hub will also feature an integrated service site for the upkeep and inspection of full and empty containers. No timeline for the project was disclosed in the statement.
Building on the 2023 momentum: The port authority inked SAR 6 bn agreements in 2023 to establish nine logistics hubs at Jeddah Islamic Port, King AbdulAziz Port in Dammam, and King Fahd Industrial Port in Yanbu, the statement explained.
MEANWHILE- Mawani has added a new shipping service, dubbed IMS, to its King Abdulaziz Port in Dammam expanding connections to Southeast Asia and India, according to a statement. The new service will link the port to Kelang, Malaysia, Surabaya, Indonesia, Nhava Sheva, India, and Jebel Ali, UAE, offering a capacity of 1.8k standardized containers. VASI Shipping will operate the route via weekly voyages.
INVESTMENT WATCH-
The Investment Ministry (MISA) has inked 21 MoUs with the likes of Liverpool FC, China’s Goldenport, Adidas and others on the sidelines of the Formula One Saudi Arabian Grand Prix, according to a post on Linkedin. Those include:
- A MoU with Liverpool International Academy to set up new sports training academies here;
- A MoU with Beijing-based Goldenpor t develop motorsport circuits here;
- A MoU with British car manufacturer BAC to host BAC motorsport championships.
- A MoU with Adidas to scale up its sports retail outlets here.
AUTOMOTIVE-
Chery Automotive is launching two new brands in KSA — Omoda and JAECOO — by the end of 3Q 2024, Lucy Aziz, regional head of PR and communication, told Gulf Business.
WATER TREATMENT-
Alkhorayef Water and Power Technologies has landed a SAR 1 bn sewage treatment project for three plants in Manfouha under a 15-year operation and maintenance agreement with the National Water Company, it said in a filing to Tadawul. Rehabilitation works on the plants are expected to wrap up in 2027.
REAL ESTATE-
Mulkia Investment negotiates a better agreement with Al Rajhi Bank for its REIT fund: The fund manager of the REIT fund has agreed with Al Rajhi Bank to raise the fund’s credit limit to SAR 750 mn, up from SAR 600 mn, and to reduce the interest on credit by 22.2%, according to a statement to Tadawul. The higher credit limit will allow the fund to finance its capital expenditure and buy into new positions.
TOURISM-
ACES is bringing ultra-fast internet to Red Sea Global’s tourism destinations:Advanced Communications & Electronic Systems (ACES) has inked a cooperation agreement with PIF-owned Red Sea Global (RSG) that would see it implement advanced 4G and 5G networks in RSG’s luxury travel locations, they said in a joint statement. The neutral host operator and RSG have previously collaborated on implementing a zero-carbon 5G IBS network at Turtle Bay Hotel, as well as the Red Sea International Airport — making it the Kingdom’s first airport with the technology, said RSG’s Group Head of Technology, Ahmed Alsohaily.
