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REAL ESTATE-
The National Housing Company signed sales contracts worth SAR 2.6 bn for 82%, or 2.9k units, in Jeddah’s Khayala community, state news agency SPA reports. As part of this development, the Sama Jeddah project saw 806 units sold, the Milaa project saw 745 units sold, and Garden View sold 409 units.
INDUSTRY-
First Mills received board approval to set up a SAR 123 mn flour milling unit in its Al Qassim plant, the company said in a Tadawul disclosure. The new unit, dubbed Mill C, will boost the plant’s wheat milling capacity by 66%, or 600 tons a day, to 1.5k tons a day. Construction on the unit is expected to start in 1Q 2025 and wrap up in 2Q 2026.
ALSO- First Mills upgraded Mill A at its Jeddah plant, boosting its capacity by 250 tons per day, bringing the plant’s total daily capacity to around 3.1k tons, according to another disclosure.
DEBT WATCH-
Moody’s issued its top score, Prime-1 (P1), for Aramco’s short-term issuer rating and a similar one for its USD 10 bn US commercial paper program with a stable outlook, according to its latest assessment. Aramco’s Aa3 long-term issuer rating, Aaa.sa national scale rating, and aa3 baseline credit assessment remain unchanged, reflecting the state-owned oil giant’s solid credit position.
Breaking down the jargon: The rating indicates that Aramco’s liquidity can comfortably cover its debt maturities, capital spending, and dividend payouts over the next 12-18 months, backed by USD 69 bn in liquidity reserves as of September 2024, and USD 180 bn in projected funds from operations through March 2026.
About the program: Aramco’s USD 10 bn commercial paper program allows it to issue short-term debt that must be repaid within 270 days. This helps it better manage its cashflow, by giving it a quick and flexible way to fund the company’s immediate needs.
INFRASTRUCTURE-
The Fundamental Installation for Electric Work (First Fix), the MEP contracting arm of Red Sea International, secured a SAR 318.9 mn contract to provide MEP services for an undisclosed project by Modern Building Leaders over the next 13 months, the parent company said in a filing to Tadawul.
REGIONAL HEADQUARTERS-
Riyadh is now the HQ of the Council of Arab Cybersecurity Ministers: The Arab League’s Council of Arab Cybersecurity Ministers officially picked Riyadh to be its permanent headquarters under an agreement it signed with Saudi Arabia, according to state news agency SPA. The council aims to develop shared policies and strategies to enhance cybersecurity cooperation among Arab countries.
LOGISTICS-
The Saudi Ports Authority (Mawani) added Milaha’s MRX service to Jeddah Islamic Port, it said in a statement. The new shipping service, which has a 2.5k standard container capacity, will link the Jeddah port to the ports of Mundra in India, Jebel Ali in the UAE, Ain Sokhna in Egypt, and Aqaba in Jordan.
