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CONSTRUCTION-
PIF real estate arm Roshn is seeking local and international contractors for its 45k-seat football stadium in Riyadh, Iain McBride, Roshn’s head of commercial, told AGBI. The company aims to partner with experienced contractors early on in the process to reduce project risks, McBride said. The stadium’s preliminary design, submitted as part of the Kingdom’s 2034 World Cup bid, is still in the concept phase, while the formal construction tender is expected to launch next year, he added.
REMEMBER- The Kingdom is looking to host a handful of international sports events in the next decade, with plans to boost its sports infrastructure. Officials released the Kingdom’s bid book for the 2034 Fifa World Cup in August, highlighting 15 stadiums across five cities, from Riyadh to Al Khobar, Jeddah, Abha, and Neom. Saudi Arabia became the sole bidder for the 2034 World Cup after Australia backed out. The Kingdom is also exploring the possibility of bidding to host the Olympic games.
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INVESTMENT WATCH–
The Hong Kong Science and Technology Parks Corporation added Saudi Arabia’s Future Investment Initiative Institute (FIII) as a Global Strategic Partner to its Global Connect program, according to a press release. The program targets to facilitate the expansion of 20 Middle Eastern companies into Hong Kong, and vice versa.
A spree of agreements was signed between Saudi firms and HKSTP-member firms at the FIII forum:
- Saudi Ports Services & Storages partnered with Westwell to implement smart technology in logistics, container yards, and supply chains across MENA.
- Homegrown Kian Alraqmih partnered with Altai to deploy its Wi-Fi solutions at Saudi container terminals and industrial zones.
- Homegrown Sintechs partnered with FJ Dynamics to advance robotics technology and marketing across the Gulf.
- Saudi-based Geo Tech partnered with Manifold Tech to use the latter’s spatial intelligence solutions to upgrade its ability to collect, manage, and analyze real-time geospatial data.
- Saud-based Nasla Tourism tapped XKool to use its construction management solutions at its new sport-themed park.
- Homegrown Aeronautica Aviation partnered with Volar Air Mobility to share knowledge on advancing electrical aircraft operations in the Middle East.
- Ninenovo partnered with Saudi-based Techmart to use the latter’s distribution network to bring its products to the UAE, Oman, Bahrain, Qatar, and Kuwait.
LOGISTICS-
Oman launches tender for freezone on Saudi border: Oman’s Public Authority for Special Economic Zones and Freezones launched a tender — funded by the Saudi Development Fund — for the main roads, flood protection channels, and surface water drainage system at the Economic Zone at Al Dhahirah (Ezad) near the Saudi border, state-run Oman News Agency reports. Interested companies will have until 18 November to pick up the tender documents and until 2 January, 2025 to submit their bids.
TRADE-
Saudi Arabia + US look to boost cargo transit: Saudi Arabia and the US signed an agreement to add an additional clause of operation to the existing 2013 US-Saudi Arabia Air Transport Agreement to expand the transportation of air cargo between the two countries, according to a statement. The additional provisions in the amendment will improve the global movement of goods by giving air carriers more flexibility to better meet the needs of their cargo and express delivery customers, the statement said. Specifically, the amendment will allow US airlines to transport cargo between Saudi Arabia and third countries without having to stop in the US. Similarly, Saudi Arabian carriers will gain the same rights to operate in the US.
AVIATION-
#1- British Airways resumes direct flights between Jeddah and London, connecting Heathrow and King Abdulaziz International Airport with six flights per week, according to a post on X. This marks the end of a three-year hiatus that began during covid-19. The British flagship carrier suspended flights to Jeddah and other long-haul destinations including Abu Dhabi in 2021 in a bid to slash losses caused by the grounding of flights due to the pandemic.
#2- Budget airline Flyadeal introduced a fare price freeze system, which allows prospective passengers to tentatively book flights at a price that remains unchanged until a final reservation is made, it said in a LinkedIn post. The service comes at a nominal fee of SAR 25 for flights scheduled 30 days after the booking date, and SAR 40 for flights scheduled within 5-30 days from the booking date.
ENTERTAINMENT-
Qiddiya launches a marketing arm: PIF-owned entertainment firm Qiddiya Investment Company launched Play Qiddiya City, a marketing and management arm to promote its destinations via partnerships with global businesses, and investors, state news agency SPA reports.
STARTUP WATCH-
Saudi Venture Capital invested USD 20 mn in Beco Capital’s Booster Fund IV, a VC fund that targets early-stage startups operating in the GCC region, state news agency SPA reports. The sector-agnostic fund focuses on Seed to series A startups.
