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HOSPITALITY-
Turkey-based real estate and hospitality outfit FTG Group is set to co-fund a SAR 1.4 bn multi-use resort with the Tourism Development Fund in the Eastern Province, according to a post on X, and a Zawya report. The resort will be operated by French hospitality provider Accor under the Rixos brand. There’s no publicly available information about the ownership structure, funding breakdown, and the project’s timeline.
About the resort: The resort will span 262k sqm, and feature 400 hotel units , 41 villas, and a variety of dining and entertainment options. It will be the Eastern Province’s first all-inclusive coastal destination, offering a comprehensive experience for visitors
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RENEWABLES-
Acwa Power sealed SAR 15 bn worth of power purchase agreements with the Saudi Power Procurement Company for two large-scale combined cycle gas turbine power plants, it said in a filing to Tadawul. The 25-year contracts were awarded under a “development, financing, build, own and operate” model.
The details: Rumah-1 in Riyadh and Al-Nairyah-1 are located in the Eastern Province, and will each boast a production capacity of 1.8 MW. ACWA Power owns a 35% stake in both projects, while Saudi Electricity Company and Korea Electric Power Corp. (KEPCO) are also shareholders.
M&A WATCH-
#1- Malath Cooperative Ins. and Liva Ins. lined up a non-objection decision from the General Authority for Competition for their potential merger, according to two disclosures to Tadawul (here and here).
Background: The companies signed a non-binding MoU in August to conduct due diligence for the merger. In September, Malath appointed Alinma Investment as its financial advisor, while Liva tapped SNB Capital. Once a final agreement is reached, the transaction will be subject to the shareholders’ approval, in addition to clearance from the Ins. Authority, the Capital Market Authority, and the Saudi Exchange.
#2- Gulf Union Al Ahlia Cooperative Ins. and Gulf General Cooperative Ins. also received a non-objection decision from the General Authority for Competition for their potential merger, according to two disclosures to Tadawul (here and here).
Remember: The two companies signed a non-binding MoU in August to explore a merger through a share-swap agreement where Gulf Union Al Ahlia would acquire 100% of Gulf General. Gulf Union Al Ahlia tapped Al Jazira Capital as its financial advisor, while Gulf General appointed Alinma Investment.
REAL ESTATE-
#1- Built Industrial secures a mixed-use development contract: Ladun Investment’s construction arm Built Industrial landed a SAR 645.7 mn contract with a Saudi Fransi Capital-managed fund for The Point Abha, a 75k sq m mixed-use development along the King Fahd Road in Abha, according to a disclosure to Tadawul.
The details: The development will include a shopping center, hotel, entertainment facilities, administrative buildings, open plazas, and gardens. The three-year agreement was signed with the Real Estate Development Fund, which is owned by the Tourism Development Fund and the Red Sea Asir Company.
#2- Dar wa Emaar to add commercial centers to its development North of Riyadh: Real estate developer Dar wa Emaar partnered with the National Housing Company (NHC) to build integrated commercial centers at its Saraya Al Jiwan development North of Riyadh, according to a LinkedIn post. The centers will be established within the Khuzam district. No timeline or investment ticket was disclosed.
#3- Anb Capital tapped Saudi Thawra to create a SAR 2 bn real estate investment fund, anb said in a statement. The fund, which will be managed by anb Capital, will develop infrastructure projects over a 4.2 mn sq m area in Eastern Riyadh, with a focus on Al Sharq district. The infrastructure will lay the groundwork for future residential and mixed-use developments in the area. No timeline was disclosed.
CONSTRUCTION-
Turkish construction companies are scrambling to land Neom Bay Airport contract, with Limak, IC Ictas, and one of either YDA Group or Tav Construction reportedly among the contenders for the USD 1 bn airport, Türkiye Today reports. IC Ictas and Limak have both completed the preliminary application stages for the tender, according to the Turkish outlet.
IC Ictas is no stranger to the Kingdom, having worked already on terminal projects at King Khalid International Airport.
MEDIA-
Saudi state news agency SPA signed a cooperation agreement with its Chinese counterpart Xinhua to exchange knowledge on the use of AI and advanced tech in content creation, among other areas, according to statements from both agencies (here and here). The agreement also includes launching training programs for their journalists.
