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AVIATION-
Four firms contracted to develop King Salman International Airport: PIF subsidiary King Salman International Airport Development Company (KSIADC) has inked a strategic partnership agreement with four international and local firms for the development of the planned King Salman International Airport in Riyadh, state news agency SPA reports. The airport is an expansion of the capital’s King Khalid International Airport.
Who’s involved: International architecture firm Foster + Partners will draft the airport’s master plan, which will include several terminals and six runways. Engineering outfit Jacobs will consult on the airport’s runways and master plan. Consulting and construction company Mace will oversee planning and construction, while Saudi-based aviation operations solutions firm Nera will manage airspace design to streamline air traffic and boost capacity.
There’s a rough timeline for the project: Officials said in late June that they plan to open the airport’s private aviation terminal in 2026. The airport plans to introduce a new runway in 2027, a passenger terminal in 2028, and its “iconic terminal” by 2030, the airport’s acting CEO Marco Mejia said. Construction is set to continue until 2034, he added.
REFRESHER- Unveiled in November 2022, the airport is poised to be one of the world’s largest airports with an area spanning 57 square kilometers with six parallel runways. It is set to accommodate up to 120 mn passengers by 2030 and 185 mn travelers by 2050.
INVESTMENT WATCH-
Healthcare provider Al Modawat Specialized Medical is set to establish a healthcare-focused investment arm in Egypt, a disclosure to Tadawul showed. Al Modawat will own 100% of the potential company. Information about the potential investment size and the timeline wasn’t disclosed.
ALSO FROM CAIRO- Egypt-based Biogrand to set up a SAR 25 mn fertilizers plant in the Kingdom: Fertilizer producer Biogrand plans to set up a SAR 25 mn (c. USD 6.7 mn) fertilizer factory here at home by the end of February 2025, CEO Esmael Taha told Al Mal. The factory will be established in partnership with unnamed Saudi investors and split its output evenly between the Saudi market and exports to Jordan, Iraq, Libya, and Algeria
INFRASTRUCTURE-
RSI subsidiary lands SAR 167 mn utility installation contract: Red Sea International (RSI) subsidiary Fundamental Installation for Electric Work (First Fix) has inked an SAR 167 mn 36-months contract with Modern Building Leaders for MEP works, according to a filing to Tadawul.
DEBT WATCH-
Al Jouf Cement obtained a SAR 150 mn Shariah-compliant loan from Al Rajhi Bank, according to a disclosure to Tadawul. The eight-year credit facility will be used to pay off a portion of an outstanding debt and finance future activities.
FINANCIAL SERVICES-
The Cultural Development Fund inked five agreements with major local banks to launch a new financing solution aimed at supporting and sustaining the cultural sector, it said in a statement on Linkedin. The lenders include Al Rajhi Bank, Alinma Bank, BSF, Arab National Bank, and Bank Aljazira. No further information was provided.
