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LOGISTICS-
Bahri + Salic JV cuts ribbon on Yanbu Grain Terminal: The National Grains Company, a JV between Bahri and the Saudi Agricultural and Livestock Investment Co. (Salic), kicked off operations at its Yanbu Grain Handling Terminal, according to a disclosure to Tadawul. Originally set to go online in 2H 2023, the project owes its delay to the fulfillment of additional requirements and the expansion of its infrastructure, which raised the projected cost by 7% to SAR 441.4 mn.
What we know: The terminal, located at the Yanbu Commercial Port, has a storage capacity of 156k tons, is home to 12 silos with a total capacity of 96k tons, and can unload 800 tons per hour directly from ships.
M&A WATCH-
Sirc snaps up a 35% stake in Waraq: The PIF’s Saudi Investment Recycling Company (Sirc) acquired a 35% stake in the Arab Paper Manufacturing Company (Waraq), the company said in a LinkedIn post. Sirc plans to funnel direct funding into the company to expand production lines and boost operational efficiency. The value of the transaction was not disclosed.
TOURISM-
PIF’s Cruise Saudi launched Saba Beach, a private island for cruising activities on Jabal AlSabaya, welcoming the first passengers in the soft launch on Sunday, according to a press release. The first phase of the project will feature a floating park, full-service restaurant, retail shops, and beachfront villas once it fully wraps up. The project’s timeline and investment ticket were not disclosed.
