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HOSPITALITY-
PIF-backed Diriyah Company broke ground on seven hotels that will boast a total capacity of 877 keys, according to state news agency SPA. The hotels — Raffles Diriyah, Armani Diriyah, Orient Express Diriyah, Baccarat Diriyah, Corinthia Diriyah, Fauchon L’Hotel Diriyah, and Rosewood Diriyah — are part the 63.2 bn Diriyah gigaproject, which will include 40 hotels with a total capacity of 6.5k rooms.
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TRADE-
Saudi mills authorized to tap global flour markets: The General Food Security Authority (GFSA) approved a policy allowing licensed flour milling companies in the Kingdom to export surplus production to global markets, according to a statement. Exporters must first ensure local market needs are met and reimburse the government for wheat subsidies on exported quantities. Approved companies include First Mills, Arabian Mills, Modern Mills, and Fourth Milling.
IN CONTEXT- The move would open up international market opportunities that were previously limited by the 2018 Wheat Flour Production Law which prohibited flour mills from exporting wheat, flour, or derived products without approval from the authority.
MINING-
United Mining Industries secured two exploration licenses from the Industry and Mineral Resources Ministry to search for gypsum and anhydrite ore in Medina, according to a disclosure to Tadawul. The two-year licenses will see the company explore two blocks of 1.1k sq m and 993 sq m areas.
RAILWAYS-
Alstom to provide maintenance services for the east-west freight corridor: French train maker Alstom signed a SAR 300 mn contract with the Saudi Railway Company to provide technical support, maintenance, and spare parts supply services to the east-west freight corridor, according to a press release. The five-year agreement will also see Alstom monitoring the corridor’s locomotives in real-time using its HealthHub digital platform to maintain a predictive maintenance approach.
OIL & GAS-
Dubai-based Shelf Drilling and Norway-based Borr Drilling have both received notices to suspend some of their operations on their offshore rigs in the Kingdom. Shelf Drilling’s High Island 2 rig will be suspended by Saudi Aramco in the coming weeks, with the company able to market the rig to other clients during the time, it said in a statement (pdf). Meanwhile, Borr Drilling’s Arabia 2 rig faces a temporary suspension, potentially lasting up to 12 months, with the exact start date of the suspension yet to be determined.
MEDIA-
Snap Inc. (the company behind Snapchat) is expanding its operations in the Kingdom with the opening of a new office and the first Majlis Snap for Content Creators hub in Riyadh’s JAX district, Saudi Gazette reports. The platform has 25 mn active users in the Kingdom. The new hub will offer support and resources to local creators, aiming to support the country’s growing digital and creative economy.
CLIMATE-
Saudi Arabia joined the International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE) as part of the Kingdom’s push to become a leading producer and exporter of green hydrogen and reach net-zero emissions by 2060, the Energy Ministry said in a statement. The IPHE is an inter-governmental partnership that has over 20 member countries seeking to accelerate the implementation of hydrogen fuel and fuel cell technologies.
