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REAL ESTATE-
#1- Sports Boulevard doubles value of real estate fund: The Sports Boulevard Foundation is doubling the value of its private real estate investment fund Sports Boulevard Real Estate Fund 1 to SAR 2 bn under a partnership with Ajdan Real Estate Development Company and Albilad Capital, according to a statement. The fresh funds were earmarked to boost the “private sector participation” in the Arts District — one of Sports Boulevard’s eight districts — it said in a statement.
A look at the fund’s structure: The Sports Boulevard Development Company remains the major unitholder in the fund, with the structure seeing Ajdan Real Estate Development Company as a developer and primary investor and Albilad Capital as the fund manager.
About the Riyadh megaproject: Inspired by Salmani architectural style, Sports Boulevard — one of the capital’s megaprojects — is a large-scale linear park that aims to promote the capital to be among the world’s most liveable cities. It spans over 135 km on Prince Mohammed bin Salman bin Abdulaziz Road to connect the capital’s east to the west through dedicated green pathways for athletes, cyclists, pedestrians and others.
#2- PIF-backed master developer Diriyah Company broke ground on a premium office space in Diriyah, the original home of the Saudi royal family, state news agency SPA reported. It will build five low-rise sustainable office buildings offering 39k sqm of gross leasable area and a total gross floor area of 47k sqm. The exterior facade of the buildings, which could accommodate 4k people, will be inspired by the traditional Najdi architecture.
#3- Roshn partners up with Saudi Credit Bureau for accurate home-buying info: PIF-backed real estate developer Roshn inked an agreement with the Saudi Credit Bureau (Simah) to enhance the home-buying experience for its customers using precise financial data, it said in a post on X. No further details were provided.
HOSPITALITY-
#4- Nujuma — the first Ritz-Carlton reserve in the region — opened its doors earlier this week to welcome its first guests, according to a statement. The 63-key resort is located on PIF-backed Red Sea Global’s Ummahat Islands. Nujuma is Red Sea Global’s third operational resort after the Six Senses Southern Dunes and the St Regis Red Sea Resort.
Already breaking records: Stays at Nujuma start from SAR 9.9k (c. USD 2.6k) per night, beating Dubai’s Burj Al Arab as the most expensive hotel in the region. Villa rates at the Maldives-inspired island retreat start from SAR 8.8k per night, while its most expensive Royal Nujuma Villa has rates starting at SAR 81k per night.
EARNINGS WATCH-
Abdul Mohsen Al Hokair Group for Tourism and Development (Al Hokair Group) has trimmed its accumulated losses by 1.3% to reach 34.9% of its current capital, or SAR 110 mn, it said in a disclosure to Tadawul. Al Hokair Group has taken steps to cut accumulated losses, including restructuring the company’s sectors, divesting from “poorly performing projects” that generate losses among others.
SPACE-
The Public Investment Fund launched a commercial satellite and space company named Neo Space Group, it said in a press release. “The group will invest in localization, technology, start-ups, and knowledge in the space and satellite sector in Saudi Arabia.” The Kingdom could be running space tourism trials later this year, Saudi Space Agency CEO Mohammed Al Tamimi said at the Future Aviation Forum last week. “Within a window of 60 days from now, there will be an announcement to do some trials here in Saudi Arabia about space tourism,” he said.
DEBT WATCH-
Alkhorayef Water and Power Technologies obtained a Shariah-compliant banking facility worth SAR 275 mn from Bank Albilad, it said in a disclosure to Tadawul. The funding will be channeled to issue all types of governmental and non-governmental guarantees, letters of credit, and payments for projects.
INFRASTRUCTURE-
The Royal Commission at Yanbu signed an MoU with local SkyTower Investments to develop petrochemical, speciality chemicals and renewable energy projects, it said in a post on X. The MoU comes under the commission’s plan to lure in local and foreign investments to the Yanbu Industrial City. No further details were provided.
HEALTHCARE
Nomu-listed healthcare provider Al Modawat Specialized Medical will fast-track the expansion of its general hospital in Asir “to address high occupancy rates,” it said in a disclosure to Tadawul. The hospital’s expansion is expected to cost SAR 16.3 mn, though the final cost could vary with labor expenses, Al Modawat said. The hospital group first announced the expansion in March.
About the expansion plan: The expansion of the western building spans 3k sqm in the second floor to add inpatients rooms, while the eastern building will see the addition of 42 clinics and a radiology department spanning an area of 3.6k sqm. It will also see a 2k sqm area that includes a men’s gym and another 2k sqm that includes a women’s gym.
