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ISLAMIC FINANCE-
Jabal Omar secures SAR 1.9 bn murabaha facility from Al Rajhi: Pilgrimage sites developer Jabal Omar Development Company has signed a SAR 1.9 bn murabaha facility agreement with Al Rajhi Bank aimed at accelerating the completion of under-development assets and paying off debt, according to a disclosure to Tadawul. The two-year facility is backed by a Finance Ministry guarantee.
ADVISORS- Global law firm Dentons advised Al Rajhi on the facility agreement, it said in a separate statement.
TOURISM-
#1- New day, new Neom project: Neom unveiled its latest luxury ecotourism destination dubbed Zardun, off the Gulf of Aqaba, it said in a statement. The “exclusive sanctuary resort” spanning four square kilometers will be home to three luxury boutique hotels boasting 100 rooms and suites. Neom plans to restore the surrounding environment through the creation of oases that will support the reintroduction of native animals, plants, and tree species, it said.
Joining others: Zardun is Neom’s latest sustainable destination after Leyja, Epicon, Siranna, Utamo, Norlana and Aquellum.
#2- Cruise Saudi, gov’t team up to boost tourism in Madinah: Cruise Saudi signed a MoU with Madinah Region Development Authority to boost the tourism industry in Madinah, Al Eqtisadiah reported yesterday. The MoU will pave the way for Cruise Saudi to facilitate visits by cruise passengers to Madinah through the Red Sea.
Sound smart: Cruise Saudi, a wholly-owned portfolio company of the PIF, is responsible for the development and operation of cruise berths and terminals as cruise gateways to key destinations in the Kingdom.
CAPITAL MARKETS-
The Capital Market Authority has approved a request by Greenstone Saudi Arabia to expand its scope to offer investment management as well as funds services and advisory in the securities business, it said in a statement yesterday.
Greenstone Saudi Arabia? The company is a fully owned subsidiary of Dubai-based Greenstone Equity Partners, which is the largest capital-raising firm in the Middle East, according to its website.
CONSTRUCTION-
Khobar is getting new residential buildings by Retal Urban Development Co, which signed a SAR 48 mn contract through subsidiary Building Construction Co to build four residential buildings in Al Sadafa district in Khobar, it said in a disclosure to Tadawul yesterday.
CONSULTANCY + TECH-
Tam Development signed a c. SAR 35 mn contract to provide consultancy and digital solutions services to an unnamed government entity, the company announced in a disclosure to Tadawul yesterday. The local management and digital solutions consultancy firm will provide its services to design and manage a project by the governmental body under the one-year contract, it added.
ENERGY-
SAMREF will supply a daily minimum of 3k barrels of heavy vacuum gas oil to Luberef under an agreement signed last week, according to a disclosure to Tadawul. The agreement is expected to boost Luberef’s production of higher-value base oils in its Yanbu facility by 96k metric tons annually. While the size of the transaction wasn’t disclosed, the Aramco JVs based the price on a formula that is linked to market price. The contract will run for a period of five years and will be renewed automatically.
RENEWABLES-
KACST + Acwa power partner to propel clean energy and water tech: King Abdulaziz City for Science and Technology (KACST) and Acwa Power have inked an agreement to establish a joint center dedicated to advancing research on clean energy and water desalination technologies using digital resources and AI, SPA reports, citing a press release from KACST. The Clean Energy and Water Desalination Technologies Development Center will focus on developing technologies for solar energy, energy storage, and desalination membranes, targeting cost and emissions reductions from the desalination process.
CEMENT-
A joint research center for low-emissions cement between KSA and Iraq? Talks are currently ongoing between Tadawul-listed Northern Region Cement and Iraqi officials to establish a joint research center to develop cement production, Iraq’s Industry and Minerals Minister Khaled Battal told the Iraqi news agency yesterday. The center will seek new technologies to lower the use of clinker in cement production, he said.
REMEMBER- A lower clinker-to-cement ratio translates to lower emissions and lower energy consumption.
ICYMI- Tadawul-listed Northern Region Cement agreed last month to sell 49% of its investments in Iraq to Iraqi company Al Diyar Al Iraqia in a USD 49 mn transaction.
UTILITIES-
NWC completes infrastructure work to pump desalinated water to Dhahran: The National Water Company (NWC) said it has completed necessary connection work to pump desalinated water to several districts in Dhahran, it said in a statement yesterday. It said it is pumping up to 50k cubic meters of water daily to the districts, expecting over 100k beneficiaries to benefit from the project.
