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OIL & GAS-
Ades Holding Company has been awarded a SAR 1 bn offshore jack-up drilling contract by PTTEP Energy Development in the Gulf of Thailand, it said in a statement (pdf). The contract spans five years with an optional three-year extension.
REAL ESTATE-
Saudi Real Estate Company (Al Akaria) sold 17 land plots in its Al Dhahia Development in Riyadh’s Al Rimal district for SAR 145.1 mn, minus real estate transaction tax and brokerage fees, the company said in a disclosure to Tadawul. The lands sold had a book value of SAR 19.4 mn and span a total area of 43.3k sqm. Earnings from the sale are earmarked to fund future developments, the disclosure said.
AVIATION-
Flynas adds flights to the Red Sea Project: Budget carrier Flynas launched a new route connecting King Fahd International Airport in Dammam to the Red Sea International Airport in Hanak, it said in a LinkedIn post. The route will operate direct flights twice a week in both directions. The Red Sea International Airport is part of the Red Sea megaproject, which is being developed on the Kingdom’s west coast.
AGRICULTURE-
New salmon farm in Hail: The Environment, Water, and Agriculture Ministry launched a new salmon farm in Hail that is expected to generate SAR 500 mn in sales annually, according to a post on X. The farm is also expected to produce 12k tons of salmon annually, cutting imports by 50%.
M&A WATCH-
Molan Steel takes over Mayar International: Steel products supplier Molan Steel sealed an agreement to fully acquire Mayar International for Industry from Yara International Limited for SAR 34.9 mn, according to a disclosure to Tadawul. The transaction aims to support Molan’s vertical growth and “reduce the impact of steel price fluctuations by adding value to the products,” the disclosure read. Mayar International manufactures refrigerators and freezers, water coolers, and electric fans.
