SAL Saudi Logistics to lease, develop air cargo facilities at Riyadh airport. Plus: Finance, aviation and transport

LOGISTICS-

SAL Saudi Logistics has secured an air cargo lease and development agreement from Riyadh Airports Co that will see the Tadawul-listed cargo player lease a 90k sqm plot for 20 years at King Khaled International Airport’s Cargo Village, it said in a disclosure to Tadawul.

The details: SAL will pay a total of SAR 458 mn in rent over the entire period of the binding agreement or a 4-6.5% share of revenues, depending on which is higher, it said. SAL expects lease cost reductions to come in somewhere around SAR 500 mn throughout the set 20-year period.

REMEMBER- SAL Saudi Logistics handles nearly all of Saudi’s inbound and outbound air cargo, making it the Kingdom’s “logistics services champion.” Earlier this year, the cargo firm said it will invest over SAR 12 mn to establish and develop a new cargo terminal at Madinah’s Prince Mohammed bin Abdulaziz International Airport. The terminal would help boost capacity and operational efficiency at the airport.

TRANSPORT-

The Transport General Authority has partnered up with the Marine Training Academy at Aramco to provide a training course aimed at accrediting marine examiners, it said in a post on X. The five-day course — the first in the Kingdom — aims to qualify marine examiners to examine seafarers.

FINANCE-

Monsha’at — the small and medium enterprises regulator — signed on to the Social Development Bank’s (SDB) Entrepreneurs Program to support SMEs and entrepreneurs through providing them with financing solutions and facilitations, it said in a statement. Under the agreement, Monsha’at will provide training and consultancy services to SMEs and support entrepreneurs under the bank’s program through its support hubs in Riyadh, Madinah, Jeddah and Al Khobar. SDB will be tasked with processing lending for SMEs, it said. The agreement is part of Monsha’at’s Funding Week.

AVIATION-

The General Authority of Civil Aviation signed an MoU with PIF-owned digital security firm Elm to deploy advanced technologies and artificial intelligence in its operations, it said in a post on X. No further details were provided.