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ENERGY-
#1- Arabian Drilling locked in a SAR 290 mn, five-year extension for one of its land rigs with Aramco, it said in a filing to Tadawul (pdf). The new agreement will come into effect once the current contract expires in 4Q 2024.
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MANUFACTURING-
Delmon set to build a manufacturing plant in Abu Dhabi for oil and gas products: Delmon Industrial Complex signed a 50-year ground lease agreement with Khalifa Economic Zones Abu Dhabi (Kezad Group) to set up a AED 50 mn (SAR 51.2 mn) manufacturing facility for oil and gas products, according to a statement from Kezad. The facility will be established in the ICAD III (Kezad Musaffah) area, focusing on supplying oil and gas companies with processed products.
AVIATION-
Cluster2 to implement advanced air mobility solutions at its airport network: Cluster2, a subsidiary of Saudi airports operator Matarat Holding, partnered with Italian vertiport network operator UrbanV to build an advanced air mobility ecosystem across Cluster2’s airport network, which currently has 22 airports, according to a statement from UrbanV. In addition, the partnership will see the launch of pilot programs for electric vertical take-off and landing.
DEBT WATCH-
First Fix lines up more funds for bond rollout: The Fundamental Installation for Electric Work (First Fix) renewed a SAR 237.9 mn Shariah-compliant loan agreement with Riyad Bank for its bond issuance, a week after lining up a similar facility of SAR 280 mn from Saudi National Bank, its parent company Red Sea International said in a filing to Tadawul. The three-year funding is guaranteed by a promissory note, personal guarantees, and corporate guarantees from Red Sea International, MSB Holding, and Innovative Contractors for Advanced Dimensions.
The company will use both funds to facilitate bond issuances including a bid bond, advanced payment bond, performance bond, and retention bond, as well as to obtain letters of credit.
