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MANUFACTURING-
#1- Indian steel pipe manufacturer Man Industries plans to invest USD 72 mn to establish a new factory in Dammam for line pipes and coating, with a production capacity of 400-500k tons, Zawya reports. The company’s current production capacity stands at 1.1 mn tons.
#2- PIF-owned Saudi Recycling Company (Sirc) has exported recycled plastic flakes to an undisclosed UK manufacturer of recycled plastic bottles, it said in a post on X. This is the company’s second destination for recycled plastic exports after tapping the Spanish market earlier this year.
M&A WATCH-
Gulf General Cooperative Ins. appointed Alinma Investment as its financial advisor for its potential merger with Gulf Union Al Ahlia Cooperative Ins., according to a disclosure to Tadawul.
OIL & GAS-
China Offshore Oil Engineering (COOEC) completed a 24-storey offshore oil and gas platform, set to be transported to the Marjan oil field — one of Aramco’s key fields off Saudi’s eastern coast — at the end of August, South China Monitoring Post citing a state media report. The platform is expected to deliver 24 mn tonnes of crude oil and 7.4 bn m3 of gas annually.
INFRASTRUCTURE-
Jubail 3B desalination plant enters commercial operations: Saudi Water Partnership Company (SWPC) began operating its SAR 2.6 bn (USD 692 mn) solar-powered Jubail 3B Independent Water Desalination Project, according to a statement. The plant was developed by a consortium led by France’s Engie, along with Saudi’s Nesma Co and Ajlan & Bros. The Jubail 3B plant will use reverse osmosis technology to produce 570k cbm of potable water daily to provide water to 2 mn people in Riyadh and Qassim, Trade Arabia wrote.
AUTOMOTIVE-
Lucid Group has launched its second auto sales and service center in Saudi Arabia in Jeddah Auto Mall, according to a statement picked up by Zawya. Lucid Studios are integrated, full-service facilities that offer repair, maintenance, and charging services, as well as auto sales.
