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INFRASTRUCTURE-
#1- The Industrial Cities and Technology Zones (Modon) rolled out three new projects, worth over SAR 318 mn, in Dammam’s 3rd Industrial City, Aleqtisadiah reports, citing sources from the authority. The projects include infrastructure development (SAR 259 mn), a water supply network (SAR 39 mn), and a 4.5 km road connecting the industrial city with King Salman Energy City (SAR 19.6 mn).
ICYMI- Modon signed six agreements worth a combined SAR 137 mn last week to build similar production facilities in Dammam’s 2nd Industrial City.
#2- The Saudi Central Bank (Sama) awarded IT services provider Perfect Presentation (2P) a SAR 75.8 mn contract to develop its Partner Care Center’s communication channels, 2P said in a filing to Tadawul. The final contract is scheduled to be signed on 10 November.
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LEGISLATION WATCH-
The Industry and Mineral Resources Ministry rolled out clarifications on recent tweaks to the precious metals and gemstones law, which were approved by the Cabinet earlier this month, according to a statement published in Umm Al Qura. Businesses now have six months to comply with the new regs, with an option for a three-month extension. The amendments will come into effect within a year of their publication. License and service fees will be set in upcoming regulations.
In a nutshell:
- The Industry Ministry is now in charge of overseeing precious metals and gemstone production, while the Commerce Ministry is only responsible for regulating their trade;
- Producers must get a license from the Industry Ministry to operate;
- Factories may be required to use registered hallmarks for their products.
AVIATION-
Local budget airline Flyadeal is adding two new routes between the Kingdom and Egypt from 11 November, according to a press release. The new routes connect Jeddah with the Upper Egyptian city of Sohag, and Madinah with Cairo. The addition will increase the total weekly flights operated by the airline to Egypt to 44 from 39.
