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MANUFACTURING-
The total sales of 17 local cement manufacturers were down 14.3% y-o-y to 3.7 mn tons in March, with Northern Region Cement leading the drop with a 63% fall in sales, according to data seen by Argaam. Only four of them recorded higher sales on an annual basis last month led by Umm Al-Qura Cement’s 36% increase in sales.
MEANWHILE- Al Jazira Capital expects cement producers under its active coverage to see their net income rise almost 33% y-o-y in 1Q 2024.
REAL ESTATE-
Dar Al Arkan to develop villas in Roshn’s Sedra: PIF-backed real estate developer Roshn signed an agreement worth over SAR 215 mn with partner developer Dar Al Arkan — one of Saudi’s largest listed real estate developers — to develop residential villas for the first phase of its flagship Sedra project in Riyadh, state news agency SPA reported yesterday. No further details were provided.
About Sedra: The flagship development, which is being built over 35 mn sqm, is set to add more than 30k residential units to the capital. It is being developed in eight phases, with Roshn announcing last month the launch of the fourth phase of the project.
DEBT WATCH-
IT service provider and consulting Perfect Presentation Commercial Service (2P) has renewed a shariah-compliant SAR 80 mn credit facility with SAB through 31 December 2024, it said in a disclosure to Tadawul. The company also secured a SAR 46 mn project from Umm Al-Qura University, it said in a separate filing.
HOSPITALITY-
Al Hokair Group said it began preparations to provide catering services in one of Neom’s residential complexes within the timetable agreed under its contract with Al Fanar Group-affiliated Alpha Facilities Contracting, it said in a disclosure to Tadawul yesterday. The local hospitality player has recruited the needed personnel, and obtained the first supply of required materials for the project, it added. Al Hokair Group was awarded the SAR 760 mn project by Alpha General Contracting in December last year.
