Sign in
REAL ESTATE-
Retal Urban Development Company secured SAR 947.6 mn land purchase agreements from the National Housing Company to build 947 residential units in Riyadh’s Al Khozam suburb, according to a disclosure to Tadawul. The units are expected to be completed over 55 months.
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
DEBT WATCH-
Stationary and office supplies distributor Pan Gulf Marketing secured a SAR 135 mn, one-year Shariah-compliant loan from Banque Saudi Fransi to finance its working capital needs, it said in a disclosure to Tadawul. No guarantees were required for this financing.
AVIATION-
Saudia launched its first flight from Dammam’s King Fahd International Airport to Beijing in China, according to a press release. The national flag carrier will operate flights twice a week in each direction on the new route. Dammam joined Jeddah and Riyadh as the third Saudi city with direct flights to Beijing, bringing the total capacity to 1.3k seats across four weekly flights.
INFRASTRUCTURE-
The Environment, Water and Agriculture Ministry has broken ground on 73 projects in Asir Province, worth SAR 5.2 bn, it said in a post on X.
HOSPITALITY-
Tourism Enterprise Company (Shams) received board approval for a SAR 243.8 mn investment in Sedco Capital-Ajdan Fairmont Fund, it said in a disclosure to Tadawul. The private equity fund, which boasts a capital of SAR 445 mn, aims to back the construction of a 160-room Fairmont hotel in Al Khobar — to be developed by Ajdan Real Estate. The seven-year fund is expected to generate 12.26% in return on investment.
MANUFACTURING-
Makeen partners with Kongsberg to localize water jets production: Saudi Engine Manufacturing Company (Makeen) signed an MoU with Norwegian marine technology company Kongsberg Maritime to support the assembly, manufacturing, and distribution of Kongsberg’s water jets in the Kingdom, state news agency SPA reports.
