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CONSTRUCTION-
Aramco taps Spain-based tech and engineering company Ayesa as project management consultant for the Aramco Stadium in Al Khobar, according to a press release. The 800k sqm stadium, set to accommodate 47k spectators upon its completion in 2026, will serve as a venue for the 2027 Asian Football Confederation Cup.
Construction began in September, led by Saudi-based Al Bawani and Belgian contractor Besix. The project is developed by PIF-owned Roshn Group in partnership with Aramco. Ayesa’s portfolio includes managing Real Madrid’s Santiago Bernabéu Stadium.
REMEMBER- Saudi is looking to host a handful of international sporting events in the next decade, with plans to build out sports infrastructure to bolster its bidding position. The Kingdom was officially awarded the right to host the 2034 World Cup, after releasing its bid book in August, highlighting 15 stadiums across five cities. The Kingdom is also exploring the possibility of bidding to host the Olympic games.
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TRANSPORTATION-
The public bus service landed in Jazan’s Farasan Island as part of the Transport General Authority’s plan to roll out the service across the province, the authority said in a post on X. The Jazan Bus project aims to deploy the public transit service across the province’s main cities, including Jazan, Sabya, and Aburish. The network is set to include 47 buses, nine routes, and 84 stops. The service launched in Jizan city earlier this year.
M&A WATCH-
Alhasoob ends M&A talks with Alkhorayef Group: Alhasoob Trading has terminated its non-binding MoU with Alkhorayef Group for the proposed acquisition of Alkhorayef Printing Solutions without obligations on either party, according to a filing to Tadawul. The agreement — which was inked in December 2023 and extended until December of this year — would’ve seen Alhasoob acquire Alkhorayef Printing by issuing shares to its parent company.
FINANCIAL SERVICES-
Amana Ins. gets the go-ahead for contract ins. product: Amana Cooperative Ins. received the green light from the Ins. Authority to offer a contract ins. scheme for domestic employees, it said in a filing to Tadawul.
BANKING-
EdfaPay is now able to roll out mobile point-of-sale services (also known as MPoS or SoftPOS), after it obtained a technical license from the Saudi Central Bank to provide the service, according to an emailed statement (pdf). The SoftPOS tech enables smartphones to process e-payments directly without needing traditional card readers.
