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REAL ESTATE-
#1- The National Housing Company (NHC) signed an agreement with Spanish contractor Urbas to build 589 residential units at NHC’s Al Fursan project at a cost of SAR 1 bn, state news agency SPA reported. The project that is being developed by the Housing Ministry’s real estate investment arm is one of the biggest suburbs regionally. Spanning 35 mn sqm, Al Fursan is set to accommodate 250k people.
The agreement comes nearly a week after Housing Minister Majed Al Hogail said that his ministry will ink an agreement with an unnamed Spanish real estate developer to build residential units in Saudi. His statements came during a trip to Spain.
#2- PIF-owned Roshn is developing its first multi-use community complex in Dhahran, state news agency SPA reported. The Aldanah project, which spans 1.7 mn sqm, will be home to 10k residents. The complex’ units will be equipped with advanced energy-saving features, including modern insulation, solar water heaters and high efficiency air conditioning. Green spaces will cover 10% of the project’s total area. Aldanah is Roshn’s sixth mixed-use development across the Kingdom.
EDUCATION-
Italy’s Istituto Marangoni is coming to Saudi: Italian fashion school Istituto Marangoni will open a higher training institute in Riyadh for aspiring fashion designers in Riyadh in 2025 under a freshly-inked MoU with the Film Commission, they said in two separate statements (here and here). The institute will offer a three-year advanced diploma in the domains of fashion design, management, product, styling and creative direction among others. Prospective students can complete the diploma in Riyadh and join a six month internship during the last year of study or complete studies for a bachelor degree at any of the Milan-based fashion school’s international campus.
DEBT WATCH-
The National Debt Management Center (NDMC) has closed its SAR 7.4 bn April 2024 sukuk issuance, it said in a statement. The issuance included three tranches with varying maturities: SAR 2.2 bn maturing in 2029, SAR 1.6 bn maturing in 2031, and SAR 3.5 bn maturing in 2036.
TECH-
#1- German cybersecurity firm Legacy Technologies plans to break ground on a regional data center in Riyadh in early 2025 to provide sustainable solutions for vital industries in the region, its CEO Sem Köksal told Asharq Alawsat. The project, which comes under a partnership with local tech company Saudi Excellence, will provide energy solutions, AI solutions and others across various industries. It will be powered by renewable energy, according to Köksal.
#2- IT services firm Sure Global Tech was awarded a SAR 13.9 mn contract to develop technology systems for the General Authority of Foreign Trade, it said in a disclosure to Tadawul. It will also help the trade authority adopt artificial intelligence and machine learning technologies to develop commodity supply chains.
INVESTMENTS-
Alsulaiman Group (ASG) plans to increase the number of its convenience store Circle K branches in Saudi and the GCC to 300 by 2029 from a current 40, its Group CEO Saud Alsulaiman told Zawya at the Dubai-hosted The Retail Summit. The new stores will open in hospitals, universities, office buildings and gas stations. He did not provide further details on the expansion or the cost of the investment.
ASG’s growth plan for 2029 also includes Ikea in Saudi and Bahrain, where it targets increasing the number of the furniture retailer stores to 30 from a current 9, according to Alsulaiman.
INFRASTRUCTURE-
Al Ahsa International Airport has been expanded to accommodate one mn passengers annually, up from a current 400k, state news agency SPA reported. The expansion project saw the addition of two international halls and ten departure and arrival dates for domestic and international flights.
