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LOGISTICS-
Saudi Ports Authority Mawani has wrapped up the expansion of the the northern part of Jeddah Islamic port, doubling up the size of its Red Sea Gateway Terminal to 15 mn sqm and boosting its capacity to 6.2 mn TEU containers, up from 2.5 mn, it said in a press release last week. The Terminal will now accommodate large vessels with a draft of up to 17 meters. The update work in partnership with Red Sea Gateway Terminal (RSGT cost SAR 1 bn and was executed under a build, operate, and transfer contract.
RETAIL-
Our friends at Cenomi Centers marked the grand opening of U Walk Jeddah shopping mall on Thursday. The lifestyle destination features indoor and outdoor experiences, including shopping, food, and entertainment. It also features global retail brands, an open-air walkway and an indoor boulevard. The soft opening took place in December 2023.
PETROCHEMICALS-
Advanced Petrochemical Co. has signed engineering, procurement and engineering contracts worth USD 191.3 mn to set up an isopropanol facility in Jubail Industrial City, Argaam reported yesterday, citing an emailed statement from the company. The plant, which will have an annual production capacity of 70k tons, will utilize manufacturing technologies sourced from German conglomerate Thyssenkrupp. Commercial operations are slated to start in the fourth quarter of 2026.
EDUCATION-
Ladun subsidiary Built Industrial is slated to build a school in Turtle Bay Village under a SAR 131 mn agreement with PIF subsidiary Red Sea Development, the real estate player said in a disclosure to Tadawul last week. The contract will be valid for 18 months and will see the contractor build a kindergarten, a primary school, a nursery, as well as arts and sports facilities.
STARTUP WATCH-
Fifteen local, regional and global startups have graduated from the Generative AI Accelerator program (Gaia) program’s second cohort, state news agency SPA reported last week. The program, launched in August last year, is backed by the Saudi Data and Artificial Intelligence Authority and the National Program for Information Technology Development.
MANUFACTURING-
#1- Home appliances manufacturer Al Hassan Ghazi Ibrahim Shaker will explore with LG Electronics and the Investment Ministry the economic viability of localizing the AC compressor industry, the company said in a press release (pdf). No further information was provided. The two companies established a factory to manufacture AC units in Riyadh in 2008. The Investment Ministry said the move, if it goes ahead, could pave the way for the local manufacturing of other appliances.
#2- Saudi Vitrified Clay Pipes (SVCP) has inked a MoU with Qatar’s Laffan Pipes Factory to set up a joint venture that would produce and sell high-density pipe products, rubber and plastic products, and plastic sewer covers, it said in a statement to Tadawul. SVCP will hold a 55% stake, and Laffan Pipes hold 45%. No further information was disclosed.
ELECTRIC VEHICLES-
PIF-backed Lucid plans to offer a charging allowance of SAR 3.75k to customers here to encourage them to purchase its Lucid home charger from its certified vendor in the local market, it told Al Eqtisadiah last week. The move comes under its efforts to drive up sales and growth.
ENERGY-
Bena Steel Industries has extended a non-binding MoU that could see it acquire a 40% stake in British energy solutions provider Alderley, it said in a disclosure to Tadawul last week. No further details were provided on the MoU, which was first signed in June. Bena Steel also extended a separate agreement with Alderley on clean energy, it said.
AVIATION-
#1- Jeddah’s King Abdulaziz International Airport rolled out the red carpet for the first-ever direct flight from Turkmenistan’s Ashgabat, Saudi Gazette reported last week. The new route runs three days a week.
#2- AlUla welcomed the first direct flight by Royal Jordanian from Amman, state news agency SPA reports. Royal Jordanian will operate two flights weekly between Amman and AlUla.
CULTURE-
The Culture Ministry inked a five-year executive program with the British Science Museum Group, state news agency SPA reports. The program aims to bolster cultural cooperation and exchange and knowledge transfer and training on museums. The British museum group comprises London’s Science Museum, York’s National Railway Museum, Shildon’s Locomotion, Bradford’s National Science and Media Museum and Manchester’s Science and Industry Museum, according to its website.
