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AVIATION-
#1- Will Embraer manufacture in the Kingdom? Industry and Mineral Resources Minister Bandar Al Khorayef discussed with senior executives at Brazilian airplane maker Embraer the localization of aircraft manufacturing and assembly in the Kingdom, state news agency SPA reported. Al Khorayef is leading a Saudi delegation in Brazil and then Chile to drum up investments in priority areas in the industrial sector, including mining, food production and others.
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#2- Up-skilling the aviation industry: Saudi Academy of Civil Aviation and Prince Sultan University signed an MoU with UK’s Cranfield University to collaborate on training, research, and tech to further the development of the civil aviation sector in Saudi, the UK, and Northern Ireland, the General Authority of Civil Aviation said in a post on X. The MoU was signed on the sidelines of London’s Farnborough Airshow, which kicked off earlier this week and wraps up tomorrow.
BANKING-
Riyad Bank has set up what it says is the industry’s specialized AI center, it said in a statement.
CONSTRUCTION-
Al Jouf Cement will supply cement to Italian construction company Webuild for its work on Neom under a 41-month, SAR 104.2 mn contract, it said in a disclosure to Tadawul. No further details on the projects were provided.
REMEMBER- Neom awarded Webuild earlier this year a SAR 20 bn contract to build three dams for a planned artificial lake at its Trojena mountain resort, set to be a venue for the 2029 Asian Winter Games.
DEBT WATCH-
Al Jouf Cement has signed a debt rescheduling agreement with Saudi Awwal Bank to push back the payment of SAR 154.5 mn Islamic loans owed to the lender to 2031 from 2027, the Tadawul-listed cement maker said in a disclosure to Tadawul. The agreement also allows a two-year grace period for Al Jouf.
REAL ESTATE-
Nearly SAR 1 bn allocated to the Sakani program this month: The Real Estate Development Fund deposited SAR 996 mn in the accounts of Sakani program beneficiaries for July 2024, state news agency SPA reported. The program is part of a government-run housing initiative that facilitates homeownership for citizens via several financing options, including rent-to-own and mortgage loans.
