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NEOM-
Neom launched a joint venture with Tabuk Fisheries to develop the largest fish hatchery in the MENA region by the end of the year, it said in a statement last week. The planned fish hatchery by the Topian Aquaculture JV is set to have a planned capacity of 42 mn fingerlings and marine-pen production facilities with a target output of 20k tonnes of finfish annually.
Fish hatchery? It is a form of early-stage fish farming which aims to ensure that aquatic species make it past the first few weeks of life by providing proper management conditions. At this stage the mortality rates of fish are typically very high. The cultivated fish would later be used for food, bait or, stocking.
ENERGY-
#1-Arabian Drilling has inked multiple five-year contracts worth SAR 850 mn fromAramco to supply three new land rigs, it said in a statement (pdf) last week. The additional land rigs come under Aramco’s unconventional gas program, which aims to diversify local energy resources.
#2- Tadawul-listed oil and gas drilling company Ades Holding said it has received extension notifications for three of its offshore jack-ups in Egypt, it said in a statement (pdf) last week. “The extensions further solidify the group’s position in the Egyptian market and add visibility to the business with a total estimated backlog of c.SAR 450 million,” it said.
LOGISTICS-
Naqel Express hired to manage RSG’s logistics:Naqel Express, a fully owned subsidiary of Saudi Post Logistics, has been awarded a contract from developer Red Sea Global (RSG) to run all long haul and local transportation services for its tourist destination The Red Sea, according to a statement by RSG last week. Naqel will also supply labor, logistics equipment, and supply chain technologies, it said. RSG is a wholly-owned unit of the PIF.
DEVELOPMENT-
The Saudi Fund for Development (SFD) signed a MoU with Benin for a USD 5 mn grant to supply tanks and set up an extension network to distribute potable water in 37 villages in the African country under Saudi Program for Drilling Wells and Rural Development in Africa,SPA reported last week. The SFD has provided to date USD 8 mn to Benin to boost water security and mitigate the effects of drought.
