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LOGISTICS-
#1- PIF-backed Heathrow Airport plans to invest over GBP 2.3 bn to revamp its facilities following the Saudi sovereign wealth fund’s acquisition of a 15% stake in the UK’s largest airport, The Telegraph reports. The upgrade, which the airport billed as the biggest private sector investment ever in the UK transport sector, will target baggage systems, runway resurfacing, and security scanners.
#2- Flyadeal launched an annual domestic travel program offering three membership plans for regular travelers to help travelers budget their expenses and avoid ticket price fluctuations, according to a press release. The offered plans include SAR 298 for 12 round-trip flights, SAR 599 for 24, and SAR 889 for 36.
#3- Sal eyes expanding logistics services in Hail Region: Logistics firm Sal signed an agreement with Cluster2 Airports and the Hail Region Development Authority to expand logistics services at the Hail International Airport to facilitate regional exports and imports, according to a press release.
ALSO- Sal tapped PIF-owned IT solutions firm Elm to develop digital solutions for streamlining customer experience and boosting operational efficiency. Elm will also help Sal deploy truck scheduling systems and payment platforms, as well as integrate Sal with the Zakat, tax and Customs Authority platform, and the online platform for Interior Services Ministry Absher.
#4- Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) added Similar Group’s MXS1 service to Jeddah Islamic Port, it said in a statement. The new service, which has nearly 2.1k in standard container capacity, will link the Jeddah port to the ports of Mundra in India, Karachi in Pakistan, Mersin and Yarimca in Turkey, and Jebel Ali in the UAE.
INFRASTRUCTURE-
The Saudi Water Authority terminated its USD 317 mn desalination plant contract with India-based VA Tech Wabag following the authority’s “internal administrative procedures,” Wabag said in a filing to the Bombay Exchange (pdf). No further details were provided. Wabag is seeking clarification from the authority.
About the facility: The desalination plant was set to be built in Yanbu with a capacity to produce 300 mn liters of fresh water per day. The Saudi Water Authority awarded Wabag an EPCC contract in September to execute the project within 30 months.
REAL ESTATE-
Several residential compounds in Riyadh received off-plan sale licenses from the Real Estate General Authority, according to posts on X. These include Banan BB II by Talaat Moustafa Group SA, Majd Compound 41 by Majd Real Estate Development Company, Neptune by Dar Al Arkan Global Holding Company, Iwan Sidra 4 by Retal Real Estate Development Company, and Jeddah Front ’s flagship project. All projects are backed by escrow accounts.
ENERGY-
Aramco, Adnoc, and Emirates National Oil Company extended their oil supply agreement with Kenya, following a green light from the Kenyan cabinet, Reuters reports. It wasn’t clear from the cabinet’s decision how long the extension will run.
About the agreement: The agreement, which was initially signed in March 2023 and first extended in September 2023, includes 180-day credit terms, giving more room to Kenya to line up USD for oil purchases, instead of making monthly payments of USD 500 mn.
BANKING-
#1- D360 Bank launches operations: Digital bank D360 received permission from the Saudi Central Bank to kick off its operations, state press agency SPA reports. D360 is a shariah-compliant digital bank and is one of three licensed digital banks in the Kingdom. Dereyah and the Public Investment Fund are among its strategic investors.
GAMING-
Neom Media’s gaming division launched the Publishing Partner Network to help boost the visibility of local game studios and assist them in connecting with global publishing companies, according to a press release. The initiative was launched under Neom Media’s Level Up accelerator program, which supports startups through funding and mentorship.
Four companies so far have joined the network as publishing partners, including Kwalee, Sandsoft, Tamatem Games, and Black Smoke Studios as publishing partners.
FINANCIAL SERVICES-
Alrajhi Bank launched the Marriott Bonvoy AlRajhi Bank Credit Card in partnership with Marriott Bonvoy, Marriott International’s global travel program, according to a press release. The new card is tailored for travelers, allowing them to earn rewards and benefits on their purchases.
MANUFACTURING-
Schuler to install press shop at Ceer’s facility: Homegrown EV manufacturer Ceer tapped Germany-based Schuler, the world’s largest press manufacturer, will install the company’s first fully automatic press shop at its manufacturing complex in King Abdullah Economic City, according to a press release. No details were provided on the investment ticket.
CONSTRUCTION-
Nomu-listed construction firm Multi Business Group (MBG) agreed to build a sports club in King Abdullah Financial District for Leejam Sports under a seven-month contract they signed, according to a disclosure to Tadawul from MBG. The contract was valued at 10% of MBG’s 2023 revenues, which amounts to SAR 12.5 mn, according to our math.
FINTECH-
Arabia Ins. rolls out a pay as you go auto ins.: Arabia Ins. Cooperative scored regulatory approval from the Ins. Authority to launch a Pay as You Go ins. product for private vehicles, it said in a filing to Tadawul. The new scheme allows drivers to pay based on how much they drive.
