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LOGISTICS-
An upgraded Red Sea service by CMA CGM starting April: French shipping giant CMA CGM will launch an upgraded Red Sea service in cooperation with feeder and short-sea shipping company Folk Maritime to cater to the northern Red Sea, a statement by CMA CGM read last week. The weekly service, dubbed North Sea Red Express (NRX), would connect the ports of Jeddah, Neom, and Yanbu to Egypt’s Sokhna and Jordan’s Aqaba. It will provide two vessels for cargo transhipping from the Jeddah Islamic Port Terminals Red Sea Gate Terminal (RSGT) and DP World Jeddah (DPW Jeddah). The new NRX service sails on Tuesday, 9 April from Jeddah
The rationale: “This service will not only contribute to Saudi Arabia expansion of its logistic capabilities in the North Red Sea, but also serve our customers with a better offering in this key region where CMA CGM Group has been pioneering direct calls to the port of NEOM since March 2023,” CMA CGM Group Lines Executive Vice President Olivier Nivoix said.
DISTRICT COOLING-
Diriyah gets a district cooling plant: PIF-owned giga-project Diriyah Company signed a “groundbreaking infrastructure agreement” with district cooling provider City Cool — a subsidiary of infrastructure developer Mada International Holding — to set up a district cooling plant, a statement by Diriyah read last week.
By the numbers: The facility and associated distribution network will have a maximum cooling power of 72.5k tons of refrigeration and is based on a 25-year build-own-operate and transfer (BOOT) model. The statement didn’t say how much the project would cost.
REAL ESTATE-
Real estate developer Alandalus Property signed a five-year SAR 114.3 mn contract to lease its Yasmine Alandalus office building in Riyadh to the Expenditure & Projects Efficiency Authority, it said in a disclosure to Tadawul last week. The annual rent is set at c. 23 mn, including value-added tax, to be paid at the start of each rental rate.
TOURISM-
Neom has unveiled its latest Treyan lagoon resort located across the Gulf of Aqaba, it said in a statement last week. The 250-key resort connects the northern and southern shores.
MANUFACTURING-
Riyadh Cement is working on two projects worth over SAR 150 mn to cut its energy consumption, its CEO Shoeil Al Ayed told Argaam in an interview last week. The projects aim to convert oven heat into up to 15 MW of electricity and slash emissions from the operation of the cement producer’s plants, he said, without providing further details on the projects. Al Ayed said he expects cement prices to rise by 22.2% to SAR 220 per ton this year on the back of Aramco’s hike of diesel prices.
TECHNOLOGY-
Homegrown media-tech company Thmanyah, a unit of SRMG, is out with a new platform tailored for Arabic podcast publishers in a bid to enhance the quality of Arabic content creation, it said in a statement last week. Dubbed Thmanyah Hosting, the platform aims to connect publishers and advertisers and provides campaign creation services.
What they said: “At the beginning of 2024, we made a commitment to develop the Arabic content industry online and empower content creators. With the launch of ‘ Radio Thmanyah,’ we aimed to offer the best podcast listening experience possible to listeners. Now, it’s time for publishers and advertisers to complete the circle of content sustainability with Thmanyah Hosting.” Founder and CEO Abdulrahman Abumalih said.
DEBT WATCH-
Bonyan REIT has secured a Shariah-compliant financing facility worth SAR 500 mn from Alinma Bank with a seven-year tenor, fund manager Saudi Fransi Capital said in a disclosure to Tadawul last week. The funds are earmarked for the real estate fund’s expansion plans which will see it acquire income-generating real estate assets here.
PROCUREMENT-
Waja and the Finance Ministry inked a SAR 49.5 mn agreement which will see the joint-stock company supply and install office furniture at the ministry’s facilities, it said in a disclosure to Tadawul. The contract runs for 3 years.
