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INFRASTRUCTURE-
#1- Al Qassim province broke ground on Infrastructure and municipal projects worth upwards of SAR 4 bn, according to state news agency (SPA). The projects included flood prevention (SAR 2.1 bn), facilities and buildings (SAR 39.5 mn), roadworks (SAR 79.4 mn), parks (SAR 21.8 mn), lighting (SAR 14.3 mn).
The province also broke ground on other projects, including roadworks (SAR 663.9 mn), flood prevention (SAR 434.3 mn), facilities and buildings (SAR 22.5 mn), lighting (SAR 72.8 mn), and others.
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#2- A SAR 682 mn draining project in Buraidah was launched to drain floodwaters from surrounding lakes to Buraidah’s valley, state news agency SPA reported. The project includes a 27 km drainage network and serves a 43.6 mn sqm area.
DEBT WATCH-
The Saudi EXIM Bank inked a USD 50 mn credit facility with UK-based DL Hudson to boost domestic non-oil exports, according to state news agency SPA. The lender will finance DLHudson’s purchase of local metal energy products for resale across 22 global markets.
HEALTHCARE-
#1- Tadawul-listed Scientific & Medical Equipment House finalized a SAR 92.1 mn equipment maintenance contract with the Health Ministry, it said in a disclosure to Tadawul. The healthcare player will maintain and repair medical devices and equipment at healthcare facilities in the Taif region, under an agreement that was first approved in June, The project will run for five years.
Gulf International Bank will finance a privatization and partnership project between Altakassusi Alliance Medical (AAM) and the Health Ministry, it said in a statement. The funds will support AAM in managing and operating radiology departments in seven different hospitals, serving upwards of 1.5 mn patients. The financing amount was not disclosed.
DIGITIZATION-
US-based data infrastructure company NetApp is setting up its regional HQ in Riyadh on 1 February 2025, according to a press release. The firm, which has been active in Saudi since 2007, offers unified data storage, data management, and other AI-based data infrastructure solutions, according to its website.
REMEMBER- The Kingdom is raising the bar on its RHQ program after surpassing an initial goal to have 500 global firms set up their regional headquarters in Saudi by 2030, Investment Minister Khalid Al Falih said last week. The updated target for the initiative is yet to be disclosed. As of 1H 2024, 517 international companies were issued licenses to establish regional headquarters in the Kingdom, according to a tally cited in the Finance Ministry’s 2025 pre-budget statement.
LOGISTICS-
Kuwait-based Agility subsidiary Shipa is rolling out a new e-commerce gateway in Jeddah in January 2025, Mubasher reports, citing a statement by Agility. The new gateway will complement existing facilities in Riyadh and Dammam and reduce delivery times for shipments in the Western Region by 12 to 24 hours, while also boosting capacity during peak periods and curbing emissions.
HOSPITALITY-
Valor Hospitality unveils new hotel in Abha: USA-based global hotel management company Valor Hospitality is entering the domestic market with the launch of four-star 151-key Hija Hotel in Abha, they said in a press release. Hijla is set to open its doors to guests in 2H 2025. While the hotel will be operated by Valor, it’s owned by Mohammed Manaa Almounis, Samir Muhammad Al Qahtani, and Kayan Almusanada company, in collaboration with the Tourism Development Fund. No further information was disclosed.
