NDP appoints Northern Trust as custodian for its USD multi-bns portfolio

FINANCIAL SERVICES-

The National Development Fund has tapped Northern Trust Saudi Arabia as the custodian for its SAR 60 bn asset portfolio, according to state news agency SPA. Northern Trust will be responsible for ensuring the safety, efficiency, and transparency of asset management, aiming to lower operating costs and enhance effectiveness, operational efficiency, and financial security for improved returns and long-term sustainability.

TRANSPORT-

Madinah municipality awards rapid bus project management contract to Egis-Systra JV: Al Madinah Region Development Authority (MRDA) has tapped a JV between France’s engineering firm Egis and public transport solutions provider Systra to oversee the development of the Madinah Bus Rapid Transit project, they said in two separate statements here and here. “The project seeks to establish up to 500 stations, achieving 80-90% area coverage by 2030.”

The fine print: Under the agreement, the JV will supervise the design, construction, and operation of the bus rapid transit project. It will also be responsible for the safety and security management of the bus network.

INFRASTRUCTURE-

Inaugurating a SAR 43 mn water tank project in Northern Riyadh: The National Water Company has finished constructing and operationalizing three water tanks in the Diriyah, Hittin, and Nakheel districts of northern Riyadh, according to a company statement. The project included building two new 10k-cubic-meter tanks and upgrading an existing 4k-cubic-meter tank, adding a total of 24k cubic meters of storage capacity. This initiative aims to enhance water distribution in these districts.

RENEWABLES-

Egypt-based renewable energy firm NoorNation has received an undisclosed investment from homegrown KBW ventures, the asset management company said in a statement. The investment represents KBW Ventures’s first investment in the Egyptian market.

MANUFACTURING-

Aramco and the National Fire Protection Association signed an MoU to jointly develop fire, electrical, and life safety regulations, according to a joint press release. They will also launch educational and training programs and probe methods to safeguard lives and property in the Saudi energy and petrochemical industries.