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OIL & GAS-
Ades Holding has closed six new onshore contracts for drilling services with Kuwait Oil company worth a combined SAR 2.4 bn, it said in a disclosure to Tadawul. “The award includes new contracts for four of the company’s current operating rigs in Kuwait as well as two newbuild units.”
The timeline: The contracts commence in the second and third quarters of 2025 and will run for a five-year term, with an option for a one-year extension.
AVIATION-
Saudi Ground Services was awarded a SAR 1.5 bn ground handling services contract for Riyadh Air’s flights at King Khalid International Airport, according to a disclosure to Tadawul. The contract begins on Sunday, 1 September, and runs for 4.5 years, with a possible two-year extension. The contract value covers the potential extension.
DEBT WATCH-
#1- The Saudi Export-Import Bank will provide a USD 10 mn credit line to the Mauritanian Investment Bank to boost Saudi non-oil exports in Mauritania and enhance trade between the two countries, state news agency (SPA) reports.
#2- Banque Saudi Fransi plans to issue additional Tier 1 SAR-denominated sukuk under its SAR 8 bn Sukuk Program, according to a disclosure to Tadawul. The number and value of the offer will be determined by market conditions, and is still pending regulatory approval. Saudi
ADVISORS- Fransi Capital was appointed sole bookrunner, lead arranger and lead manager for the potential issuance.
INFRASTRUCTURE-
Jeddah Industrial Cities (Modon) has launched projects worth over SAR 521 mn, state-run SPA reports. The projects include infrastructure works at the first phase in Jeddah’s third industrial city with SAR 367 mn in investments. They also include an industrial and wastewater treatment plant, and an irrigation network in Jeddah’s second industrial city.
EDUCATION-
#1- Academy of Learning launches SAR 10 mn subsidiary: Educational services provider Academy of Learning Company has launched a new subsidiary, National Learning Schools, according to a disclosure to Tadawul. The new company will focus on establishing, operating, and acquiring private and international schools.
#2- Fakeeh Care has inked a SAR 46.4 mn agreement with Advanced Horizons Contraction (AHC) to build a medical training center in Jeddah, according to a disclosure to Tadawul. The contract will see AHC carry out the project’s construction, electromechanical, and finishing works over a 12-month period, with the center slated to open in 4Q 2025. The potential center will span an area of 7.2k sqm, with facilities that could accommodate up to 500 medical students. This is a related-party transaction where Fakeeh care is 80% owned by Soliman Abdulqader Fakeeh Hospital Company, which already fully owns AHC.
LOGISTICS-
Qatari logistics and maritime services company Qatar Navigation (Milaha) has added a new shipping service to King Abdulaziz Port in Dammam, connecting the port to seven ports in India, China, Oman, and Qatar, according to a statement.
