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AI-
AI factory coming to town? Local digital infrastructure services firm Ezditek partnered with Luxembourg-based cloud and AI solutions provider Gcore to establish an AI factory in the Kingdom for building, training, and deploying generative AI products under a JV they formed, according to a press release from Gcore. The facility, which will be located at one of Ezditek’s data centers, will target both the local and global markets. The facility’s incorporation procedures are currently taking place, pending regulatory approvals. No investment tickets were disclosed.
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ENERGY-
Al-Babtain Power and Telecom will supply 500 kV HVDC overhead transmission lines to Hyundai Engineering and Construction (Hyundai E&C) under a SAR 777.2 mn contract, it said in a disclosure to Tadawul. The two-year contract will go into effect in 3Q 2025.
BACKGROUND- Hyundai E&C is doing plenty in the Kingdom: Hyundai E&C secured a contract earlier this month from the Saudi Electricity Company for high-voltage transmission lines. It also secured another contract last year to build an HVDC transmission line linking Neom with the southwestern port city of Yanbu. Reports also emerged earlier this year indicating that a Hyundai E&C-led consortium will be working on the second phase of Aramco’s Jafurah Gas Field in a USD multi-bn contract.
FINTECH-
Local peer-to-peer lending platform MoneyMoon received Shariah certification from the Shariyah Review Bureau, according to a press release. It received the green light from the Saudi Central Bank to conduct its activities in September.
RAILWAY-
Kuwait’s Central Agency for Public Tenders opened four bids for a 12-month design contract for a Kuwait-Saudi railway project, the International Railway Journal reports. The 111 km railway will connect Kuwait City to the Saudi border and is part of the larger USD 200 bn GCC railway initiative. Among the bids opened, Turkey’s Proyapi Engineering and Consulting submitted the lowest offer at KWD 2.5 mn. Other bidders are China Railway Company with a bid of KWD 6.8 mn, Spain’s Sener (KWD 8.8 mn), and Systra Turkey (KWD 9.7 mn).
What’s next? The design phase will pave the way for construction tenders, with the project expected to be completed by late 2030. This is a separate project from the 650 km long line that will connect Kuwait’s Shadadiyah to Riyadh.
Tickets for Saudi Railways Company’s Haramain High-Speed Rail tickets will now be available for purchase through Kuwait Airways’ reservation system and stations through a partnership agreement between the two companies, according to Arab Times. The partnership will initially focus on Hajj and Umrah campaigns.
