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INFRASTRUCTURE-
Al Yamamah Steel lands steel supply contract: Al Yamamah Steel Industries inked a SAR 95 mn contract to supply the National Contracting Company with steel towers for its ultra-high voltage powerline in the central region, the steel producer said in a filing to Tadawul. The one-year contract is due to take effect in May 2025.
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REAL ESTATE-
#1- More Trump real estate: Dar Global has partnered with the Trump Organization to launch two new luxury real estate projects in Riyadh, though no details were provided on the size, value, and timeline of the developments. (AP | Bloomberg | Reuters)
Remember- Dar Global, which is the Dubai-based international arm of Saudi real estate developer Dar Al Arkan, and the Trump Organization are preparing to launch a new Jeddah Trump Tower this week.
#2- Stake kicks off operations in the Kingdom: Dubai-based fractional ownership platform Stake has officially launched operations in Saudi Arabia, partnering with Al Rajhi Seventh (RJ7) to select “an income-generating commercial building located in North Riyadh for its inaugural fund on the platform,” according to a press release. In addition, Stake partnered with domestic asset manager Mulkia to establish and manage future real estate funds on Stake’s platform.
About Stake: Stake is the first Capital Market Authority-regulated tool that enables international investors to tap into Saudi real estate through its fractional ownership application (App Store | Google Play). The company plans to invest some SAR 1 bn in the domestic real estate market over the next 6 months.
EXPANSION-
#1- UK-based football media company Footballco opened a new regional headquarters in Riyadh, according to Arab News. The company will continue to run its previous regional headquarters in Dubai, but it will “build a full-service offering from Riyadh, including local creative- and client-services teams.” Footballco plans to add 20 local employees to the new office staff by the end of 2025.
#2- London-headquartered mining consultancy CRU opened its Riyadh office to be led by regional director Zain Ajlouni (LinkedIn), according to a press release. “Establishing our new office in Riyadh will allow us to better support the Kingdom and clients to decarbonize mining operations and achieve sustainable long-term growth,” CEO David Trafford said.
#3- Egypt’s StrategizeIT eyes Saudi and UAE expansion: Digital transformation solutions provider StrategizeIT Egypt plans to enter the Saudi and UAE markets next year, CEO Ahmed Maher told Al Mal. The company will open a regional office in Saudi Arabia and establish a UAE presence through strategic partners.
StrategizeIT? The homegrown firm provides integrated GIS, data analytics, and business intelligence solutions for companies and state entities around the region, with 80% of its clients based in the government sector.
TRANSPORTATION-
More metro stations open their doors: The Royal Commission for Riyadh City has opened the Interior Ministry and Murabba stations on the Riyadh Metro’s Blue Line, according to a post on X.
PAYMENTS-
Samsung Pay is officially here: E-wallet and contactless payment service Samsung Pay is now available across the Kingdom, the Saudi Central Bank said in a statement. The service was first announced in September after the central bank inked an agreement enabling the service.
AVIATION-
A new flight route connecting Alexandria to Taif: Emirati Air Arabia’s subsidiary Air Arabia Egypt is launching new weekly flights connecting Taif Regional Airport and Alexandria’s Borg El Arab Airport starting 21 February, according to Travel and Tour World. Flights will operate on Thursdays, “ensuring convenience for weekend travelers and fostering connectivity between Egypt and Saudi Arabia.”
FINANCIAL SERVICES-
Gulf Ins. Group has received final approval from the Ins. Authority to promote and sell its Domestic Workers Contract Ins. product in Saudi Arabia, it said in a disclosure to Tadawul. The group offers ins. to both individuals and groups.
