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CONSTRUCTION-
Saudi cement companies posted a 16% bottom line increase in 1H, despite falling sales and higher fuel costs after Aramco raised prices between 58-136%, Al Riyadh reports, citing industry sources. Production costs are expected to rise 8% to 12%, with per-ton costs reaching SAR 135. To counter these challenges, some companies are shifting to methane as a cheaper fuel alternative. The sector also faces declining demand due to reduced residential loans amid high interest rates. Companies are adopting cautious pricing strategies and exploring mergers to cut costs.
AVIATION-
PIF-owned developer Red Sea Global obtained an operating license for a water aerodrome at its Shebara Resort in the Red Sea, according to a statement.
SPEAKING OF SEAPLANES- Saudi Arabia and the Maldives will work together under an newly-signed agreement to improve the safety and security of seaplanes and airstrips, according to a statement.
MANUFACTURING-
Petrochemicals firm Chemanol plans to start producing methyl diethanolamine (MDEA) in 4Q 2027, after it signed a licensing agreement with an undisclosed foreign company that owns the technology to produce the chemical, it said in a disclosure to Tadawul. Chemanol aims to produce 25 tons of MDEA annually, which will be primarily earmarked for use in the oil and gas industry.
FINTECH-
Riyadh Air customers will be able to process their payments using Noon Payments gateway, in a bid to enhance the customer experience, according to a statement.
INFRASTRUCTURE-
Saudi Real Estate Infrastructure (better known as Binyah) has secured a SAR 660.4 mn water treatment project with the Royal Commission for Riyadh City, the parent company said in a filing to Tadawul.
TECHNOLOGY-
King Abdullah Medical Complex in Jeddah has tapped Al Moammar Information Systems for a SAR 59.8 mn project in one of its healthcare facilities, according to a filing to Tadawul. The agreement will see MIS offer medical device maintenance and equipment repair services. No further details were provided.
