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REAL ESTATE-
#1- A Saudi-Egyptian EGP 1 bn retail project in New Cairo: Saudi-based Saleh Almudayfer Son’s Holding has reached an agreement with a unit of Egypt’s Home Group Developments to launch a EGP 1 bn mall in its New Cairo area, Al Mal reports. The mall will feature commercial, administrative, and medical facilities, and is expected to be completed within three years.
REMEMBER- Egyptian firms are flocking into the Kingdom to capitalize on its diversification ambitions: Our friends at Hassan Allam Construction Saudi were also awarded a contract late last month to develop Port of NEOM’s Container Terminal 1 and a related marine services area among a slew of other undertakings in the Kingdom. Meanwhile, Egypt’s Talaat Moustafa Group (TMG) kicked off a real estate project in Riyadh in May, hitting SAR 3.3 bn in sales up until late last month.
#2- Arab Sea Information Systems Company has completed the purchase of a SAR 59 mn office tower in Riyadh’s Al Sahafa district that will become the company’s new headquarters, according to its disclosure to Tadawul.
AVIATION-
Saudia slashes plane ticket prices on flights from Riyadh, Jeddah: Saudia is offering up to 50% markdowns on international flights operating through King Abdulaziz International Airport in Jeddah and King Khalid International Airport in Riyadh, the national carrier announced on its website.
The details: The offer — available for business and guest classes — will run until Saturday, 31 August, and is valid for flights scheduled between 1 September and 30 November this year. It also includes the Your Ticket Your Visa service, allowing visitors to stay in the Kingdom for up to four days to explore the country and perform Umrah.
INFRASTRUCTURE-
The 3.2 km Safwa-Ras Tanura Bridge is now 88% complete, according to state news agency SPA. Once complete, the project — which links Ras Tanura to Dammam, Qatif, and King Fahd International Airport — will be the Kingdom’s second-largest double sea bridge. The project includes 24 water drainage canals and aims to improve regional travel and boost tourism.
MARITIME-
Neom orders electric ferries to greenify water commuting: KSA’s Neom city has ordered eight units of Swedish electric boat and ferry company Candela‘s P-12 shuttle, TradeArabia reports. This marks the largest order in Candela’s history, with the first batch set to be delivered and integrated into the city’s planned water network between 2025 and early 2026.
About the ferries: Launched last year, the P-12 — the world’s first electric hydrofoil ship — will debut in Stockholm’s public transport later this year, TradeArabia writes. It offers zero-emission, energy-efficient water transport with advantages over traditional ferries, including faster speeds and more frequent departures. It uses 80% less energy and emits 97.5% less CO2 than traditional diesel vessels of the same size.
DEBT WATCH-
Al-Azizah Real Estate Investment and Development — a unit of Banan Real Estate — has signed a 5-year SAR 50 mn credit facility agreement with Riyad Bank, according to a disclosure to Tadawul. The funds will be used to support the company’s expansion plans.
