Sign in
REAL ESTATE-
Saudi Real Estate Development Fund’s unit Saudi Mortgage Guarantee Services Company (Dhamanat) inked two separate agreements with US firms BlackRock and Apollo in a bid to enhance real estate financing in the Kingdom, according to the Saudi Gazette. The agreements were signed on the sidelines of Municipalities and Housing Minister Maji Al Hogail’s visit to the US.
The minister also signed an MoU with US-based real estate developer K. Hovnanian to develop integrated residential communities here, and 500k housing units in the US.
ALSO- Al Hogail met with US government-owned mortgage organization Freddie Mac’s executives to discuss mortgage refinancing knowledge transfer.
On the sidelines: The Sakani Program Exhibition was inaugurated at the Saudi Cultural Attaché in Washington, aiming to provide Saudi expats in the US with information on available housing options and financing solutions.
TECHNOLOGY-
IT services provider Perfect Presentation (2P) was awarded an SAR 86 mn, five-year contract by the Health Ministry for the maintenance of IT infrastructure in 48 public hospitals in the Kingdom’s central region, according to a disclosure to Tadawul.
ALSO-2P renewed and topped up its Islamic banking facility with Al Rajhi Bank, securing SAR 265 mn until 25 August, 2025, according to a separate disclosure. The funds will be used for new projects, including issuing letters of guarantee, letters of credit, and invoice financing.
ENERGY-
Mitsubishi Power will supply a hydrogen-ready combined cycle gas turbine (CCGT) to a cogeneration power plant that is currently under construction in the Kingdom, under a contract with the Saudi arm of Samsung C&T Corporation, according to a statement from Mitsubishi Power. No information was provided on the value of the contract.
Made in KSA for the first time: Mitsubishi will assemble the M501JAC CCGT supplied for the project at its assembly center in Dammam for the first time.
About the cogeneration plant: The 475 MW cogeneration plant is being built by Abu Dhabi National Energy Company (Taqa) and Japan’s Jera to power the Saudi Aramco Total Refining and Petrochemical Company petrochemical complex.
Neom + Kaust: King Abdullah University of Science and Technology (KAUST) has partnered with NEOM to advance green economy initiatives by developing hydrogen production and sustainable fuel technologies through three strategic research projects, state news agency SPA reports. These projects, led by experts in mechanical and chemical engineering, focus on creating carbon-neutral marine fuels, lowering the cost of large-scale hydrogen electrolysis, and reducing emissions from green ammonia-powered engines.
INFRASTRUCTURE-
The Riyadh Municipality kicked off the first phase of the Riyadh Parking project, which includes managing over 140k parking lots and establishing more than 24k new ones, state news agency SPA reported. This phase, which covers 16 areas in the Saudi capital, is carried out under a 10-year public-private partnership (PPP) between Remat Al-Riyadh, the development arm of the municipality, and IT services provider Solutions by stc.
LOGISTICS-
Emirates Shipping Line added a new shipping service to the Jeddah Islamic Port connecting it to the ports of Ningbo, Xiamen, and Nansha in China, Klang in Malaysia, Aqaba in Jordan, and Sokhna in Egypt, according to a statement from the Saudi Ports Authority (Mawani). The new service will operate twice a month.
POLICY-
The Environment, Water and Agriculture Ministry has transferred dam-related mandates to the Saudi Irrigation Organization, state news agency SPA reported. This includes dams building, revamping, operating, and maintenance. The move seeks to improve the operational efficiency and safety of dams.
GAMING-
PIF unit + Xsolla partner to set up Saudi-based game development academy: PIF-owned Savvy Games Group signed an MoU with US-based game developer Xsolla to establish the Xsolla Game Development Academy in Riyadh, according to a joint statement. The partnership will also see Savvy and Xsolla roll out funding rounds, incubator and accelerator programs, and host events to support local game developers. Information about the potential project’s size of investment and timeline wasn’t made publicly available.
ALSO- Xsolla is setting up shop in the capital: The leading video game commerce company will base its regional headquarters in Riyadh as per the agreement’s terms. The new office is set to offer product development, technology, customer support, and business development services that look to help developers and publishers scale their local and regional operations, the statement also said.
