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MANUFACTURING-
A new JV for generating electricity from seawater underway: Saudi investment group MOAJ Holding partnered with MediSun Energy, a Singapore-based firm that generates electricity from saltwater, to establish a local JV, MediSun Arabia, according to a press release from MediSun.
The partnership will see MOAJ allocate USD 30 mn to establish a manufacturing facility for the production of MediSun’s flagship reverse electrodialysis WEGen stacks. The partnership also grants MOAJ exclusive distribution rights for MediSun’s technologies across the GCC countries.
BANKING-
Our friends at HSBC Saudi Arabia are gearing up to relocate to a new office at King Abdullah Financial District in 2H 2025, after signing a long-term lease agreement with the district’s Development and Management Company, according to a press release (pdf). The agreement will see the lender relocate to a new office in the financial district, aptly named the “HSBC Building” by late 2025.
BUSINESS-
Simah Rating Agency (Tassnief) assigned a long-term rating of BB+ and a short-term one of T-5 for construction firm Multi Business Group, according to a press release from the local credit rating agency. The group’s “moderately large operational scale and a proven track record spanning 15 years in fit-out building contracting work and mechanical, electrical, and plumbing engineering” underpinned the rating action.
INFRASTRUCTURE-
Riyadh-based water infrastructure player Miahona inked an MoU to develop and operate water and sewage treatment plants in Uzbekistan. Miahona will explore building four new sewage treatment plants and managing five existing facilities in Uzbekistan’s Fergana Valley and Jizzakh Region under a development agreement signed with Uzbekistan’s Ministry of Investment and Uzsuvtaminot, according to a disclosure to Tadawul. The projects will be implemented under Build-Own-Operate-Transfer (BOOT) and Enhanced Operations and Maintenance (EOM) models, with financial impacts to be assessed after due diligence per the one-year MoU.
HOSPITALITY-
US hospitality brand Hyatt plans to launch two hotels — Park Hyatt Jaumur and Andaz Jaumur Marina — in Neom’s Magna in 2027, featuring a total of 350 rooms and suites, according to a press release. Jamur, one of Magna’s destinations, is a marina community on the Gulf of Aqaba.
STARTUP WATCH-
The Real Estate General Authority (Rega) launched a new accelerator for proptech startups, in partnership with the National Technology Development Program and Startup Wise Guys, it said in a statement. The program offers access to a network of angel investors and investment funds, as well as training workshops, mentoring, and advisory sessions, read the statement. Applications for the accelerator can be filed here.
INFRASTRUCTURE-
More roads for Al Baha: The government wrapped up a 22 km road connecting Baljurashi and Al Aqiq governorates at a cost of SAR 219 mn, according to a post on X from the Roads General Authority. Some agricultural roads at Al Baha were also completed at a SAR 39 mn ticket.
The government completed the upper intersection project for the Ha’il-Rafha Road at SAR 45 mn, according to state news agency SPA.
AVIATION-
Dammam’s King Fahd International Airport has received Level 3 Customer Experience Accreditation from Airports Council International (ACI) for its efforts to enhance passenger satisfaction with a seamless, safe, and sustainable customer experience, according to a press release. Dammam Airports CEO Mohammed Al-Hassany aims to achieve the highest certification levels of 4 and 5 in a bid to position the airport as one of the best in the region, he said.
