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INVESTMENT WATCH-
LT Foods set up a Riyadh office as it gears up to invest SAR 185 mn in the Kingdom over the next five years, the Indian fast-moving consumer goods firm said in a statement (pdf). The investment will be allocated to warehousing and stocks. The company is targeting revenues of SAR 435 mn over the next five years as it eyes tapping Saudi Arabia’s USD 2 bn rice and rice-based food market through its new office.
More in the pipeline: LT Foods, which has the Saudi Agricultural and Livestock Investment Company among its shareholders, also plans to establish manufacturing facilities in the Kingdom.
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LOGISTICS-
#1- GWC moves into Ras Al Khair Industrial Port: Qatar-based Gulf Warehousing Company’s (GWC) energy logistics subsidiary GWC Energy Services inked an MoU with Aramco-backed Offshore Fabrication Company (OFC) to develop 100k sqm of Grade A logistics and storage facilities at Ras Al Khair Industrial Port, according to a press release. The new developments look to improve OFC’s storage and logistics capabilities and improve energy supply chains at the port. No investment ticket or timeline for the project was disclosed.
#2- Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) added Silmar Group’s IXS service to Jeddah Islamic Port, it said in a statement. The new shipping service, which has a 1.5k standard container capacity, will link the Jeddah port to the ports of Mundra and Nhava Sheva in India, Karachi in Pakistan, Colombo in Sri Lanka, Mersin and Yarimca in Turkey, Jebel Ali in the UAE, and Novorossiysk in Russia.
AVIATION-
Lufthansa’s budget carrier Eurowings is adding three weekly flights connecting Berlin and Cologne-Bonn to Jeddah this winter season, according to a press release.
This is part of a move by Eurowings to increase its connectivity to North Africa and the Middle East during its winter schedule, having also launched a new route to Cairo and doubled its flights to Dubai.
TOURISM-
The Jeddah Yacht Club and Marina became the first international marina operator in Saudi Arabia to obtain a license from the Saudi Red Sea Authority, according to a post on X. The operator is owned by PIF’s subsidiary Sela.
BUSINESS-
A Saudi-Tajik Business Council in the works? The Federation of Saudi Chambers signed an agreement with the Chamber of Commerce and Industry in Tajikistan to establish Saudi-Tajik Business Council in a bid to boost trade and investments between the two countries, state news agency SPA reports.
DEBT WATCH-
Contact Center Company (CCC), a solutions by stc unit, signed a SAR 500 mn loan agreement with Riyadh Bank, according to a disclosure to Tadawul. CCC will use the one-year shariah-complaint facility to fund its working capital needs and obtain letters of guarantee.
