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MANUFACTURING + TECH-
Alat, a new company owned by the Public Investment Fund, aims to make “Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics,” PIF said in a statement. Alat will focus on seven sectors, it said, including “advanced industries and semiconductors, as well as smart appliances, smart health, smart devices and smart buildings, in addition to next generation infrastructure.”
The move aims to create 39k new jobs in Saudi. The company is chaired by Crown Prince and Prime Minister Mohammed bin Salman. There’s no publicly available information about the capital size of the new venture.
Alat will look to partner with global and local private-sector players and is looking at as many as 30 product categories including “robotic systems, communication systems, advanced computers and digital entertainment products, as well as advanced heavy machinery used in construction, building and mining.”
DEBT-
Tadawul Group has obtained SAR 500 mn in shariah-compliant credit funding from Al Rajhi Bank to finance its mergers and acquisitions, it said in a disclosure to Tadawul last week.The facilities include short-term and medium-term loans with a repayment period of one and five years, respectively. The move plays right into the group’s strategy to pursue sustainable growth and diversify revenues, it said. No further information was provided.
FINTECH-
Digital payments player Network International Arabia can now provide payment services in the Kingdom through points of sale (POS) under a fresh license from the Saudi Central Bank (Sama), the two said in separate statements (here and here). Sama also licensed Barraq to provide e-wallet services, bringing the total licensed companies offering payment services on the local market to 27.
About Network Int’l: Network International is a tech-enabled payments service provider currently operational in over 40 countries including the UAE, Jordan, Egypt, South Africa, Nigeria, according to its official webpage. The company listed on the London Stock Exchange’s (LSE) main market in 2019.
AVIATION-
SGS, Saudia’s Flyadeal renews ground handling services contract: The Saudi Ground Services Co. (SGS) will continue to provide ground handling services to Saudia-owned budget carrier Flyadeal under a three-year contract renewal worth SAR 800 mn, it said in a disclosure to Tadawul last week. The contract covers the services for domestic and international flights at airports across the Kingdom, it said, expecting “sustainable company revenues during the contract period.”
MARITIME-
Mawani set to add new anchorage areas at King Fahd Industrial Port: The Saudi Ports Authority (Mawani) is establishing new docking areas and improving several logistics services in King Fahd Industrial Port in Yanbu, it said in a statement last week. This will include five new docking areas as well as providing essential supplies like fuel and provisions, as well as offering maintenance services for ships.
An initiative to restore sailing ships in Umluj: Developer Red Sea Global (RSG) has restored 11 ships as part of an initiative to restore sailing ships with its partner Tamkeen Association in Umluj, it said in a statement last week. The ships were restored using sustainable techniques contributed by the Energy Ministry’s Oil Sustainability Program and paint maker Jotun, which supplied environmentally friendly paint for the restoration process. RSG is a wholly-owned unit of the PIF.
SAUDIZATION-
The Transport And Logistics Ministry is Saudizing 23k jobs across 28 professions within the sector, said Assistant Minister of Transport and Logistics Ahmed Al Hassan, the Saudi Gazette Reports. These include 10k jobs in the heavy transport, 3k jobs in the passenger transport, and 10k in aviation
Mission accomplished: The Transport General Authority (TGA) has achieved Saudization in 10 professions in the transportation sector, TGA spokesman, Saleh Al Zuwayed, told Al Eqtisadiyah. These include co-pilots, air-traffic controllers, air dispatchers, and road safety engineers and shipping brokers, he added.
Support packages: Al Zuwayed noted that the Human Resources Development Fund (HRDF) offers financial assistance of up to SAR 2.4k for Saudi drivers working in transportation and up to SAR 3k for those working in the delivery services. TGA has inked 30 agreements with the private sector to support Saudi bus and heavy transport vehicle drivers, he added.
MEANWNILE- Full-Saudization for Saudia pilots? Saudia Group, which owns national flag carrier Saudia, is planning a full Saudization of its pilots, spokesman Abdullah Al Shahrani told Al Eqtisadiyah last week. He did not provide a timeframe for the move, but noted that all of the carriers co-pilots are now Saudi nationals.
REMEMBER- Saudia Group said last year that it was committed to Saudization as it unveiled its new brand identity as part of a what it said was a comprehensive transformation strategy.
REAL ESTATE-
Infath is auctioning some 500 properties across the Kingdom: Independent governmental center the Entrustment and Liquidation Center (Infath) has begun public auctions to sell and liquidate 486 residential and commercial properties across 12 regions, state news agency SPA reported last week. Bidding began on Thursday 1 February and will run until Monday 19 February.
HEALTHCARE-
The Scientific & Medical Equipment House was awarded a SAR 34.8 mn contract by the Health Ministry to supply medical devices and equipment across hospitals and healthcare centers in Riyadh, it said in a disclosure to Tadawul last week.
INFORMATION TECHNOLOGY-
Perfect Presentation for Commercial Services (2P) signed a three-year SAR 56.5 mn contractto provide operation and maintenance services to the electronic systems used by the Unified Security Operations Center (911) and the Hajj Security Forces HQ’s buildings in Makkah, it said in a disclosure to Tadawul yesterday.
