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CONSTRUCTION-
#1- Construction resuming on the world’s tallest tower: Jeddah Economic Company (JEC) tapped Saudi Binladin Group to resume construction works on the Jeddah Tower, set to be the world’s tallest building, according to a disclosure to Tadawul. The new construction phase is part of a SAR 7.4 bn agreement, of which SAR 1.1 bn has been paid. Some 63 floors have been completed out of a total of 157. Construction on the project is expected to take 42 months. Bloomberg also had the story.
#2- Retal has new Riyadh residential project in the pipeline after securing agreements from Roshn: Retal Urban Development signed two agreements, worth SAR 792 mn, with the PIF-owned Roshn Group to purchase land plots in Riyadh’s Sedra neighborhood for the development of 644 residential units and related infrastructure, it said in a disclosure to Tadawul. The project is expected to be completed in 36 months.
REGULATION WATCH
The Saudi Central Bank (Sama) officially issued the compliance and internal audit principles for finance companies and real estate refinance companies, after the draft principles were approved by the cabinet, according to a statement. The new framework aims to strengthen compliance and internal control within these companies by establishing clear regulatory standards. It also sets minimum provisions to assess firms’ progress in compliance and auditing. The regulations will take effect six months after their publication on the Central Bank’s website yesterday (here and here).
HEALTHCARE-
Soliman Fakeeh to lease a medical center in Jeddah under a 25-year agreement: Dr. Soliman Abdel Kader Fakeeh Hospital Company (DSFH) will lease a 20k sqm “building with three annexed properties at a turnkey status” from Yaser Yousef Naghi for Investment Company to be used as a medical center in Jeddah, according to a disclosure to Tadawul. While the total investment value isn’t specified, the first annual rent payment is worth SAR 16 mn (pre-tax). The center will include 60 outpatient clinics, a 20-bed ER, a day care surgery unit, and advanced radiology and lab services. The contract carries a 10-year extension option.
TECH-
Aramco’s new workplace safety venture to get commercialized under new agreement with Sami subsidiary: Sami Advanced Electronics Company (Sami-AEC), a subsidiary of state-run defense firm Sami, signed a licensing agreement with Saudi Aramco Technologies Company to commercialize Aramco-developed workplace safety solution Raqeeb, it said in a statement. Raqeeb allows workers in high-risk work environments to be monitored using Sami-AEC’s IoT platform to which they will be connected through wearables and sensors, the statement read.
HOSPITALITY-
Taiba Investments to rebrand Taiba Front Hotel under new management from Hilton: Taiba Investments tapped Hilton Worldwide Manage to manage and operate the Taiba Front hotel in Medina under the Hilton-owned brand Waldorf Astoria for 20 years, according to a disclosure to Tadawul. Hilton Worldwide will receive an undisclosed percentage of revenues and income from the hotel’s operations under the agreement.
About the hotel: The 300-room hotel, which is scheduled to fully open in 2028, is owned by Taiba’s subsidiary Al Aqeeq Real Estate Development.
PHARMA-
Local drug manufacturer Jamjoom Pharma plans to build a production facility in Uzbekistan, according to a statement from Uzbekistan’s Health Ministry. The plant will be located in Tashkent Pharma Park and is expected to start operations in 3Q 2025. The value of the project was not disclosed.
CAPITAL MARKETS-
Anb Capital received the Capital Market Authority’s approval for the public offering of its Multi-Asset Conservative Fund (Shariah), according to a statement from the authority.
MANUFACTURING-
UK-based power distribution solutions firm Lucy Electric set up a new factory in Saudi Arabia near Dhahran’s Industrial City 2, it said in a statement. The facility will focus on the production of advanced electrical equipment geared at supporting the development of smart grids nationwide. No details were provided on the investment value of the facility.
REAL ESTATE-
The Kingdom’s flagship carrier Saudia inked a codeshare agreement with Atlanta-based airline Delta Air to expand their passengers’ travel options between North America and the Arabian Peninsula, according to a joint statement. The move allows the two airlines to sell seats on each other’s flights, giving passengers flying with Delta access to nine destinations across Saudi and the broader Middle-East, while Saudia travelers will have some 12 cities across the US to choose from. Once the necessary approvals are secured, passengers can begin booking flights under this expanded network.
