Sign in
HEALTHCARE-
A new IMC hospital in Jeddah: The International Medical Center Company Healthcare signed two agreements worth a combined SAR 21 mn to set up a new integrated hospital in North Obhur in Jeddah, Dallah Healthcare and Fitaihi Holding Group said in two separate disclosures (here and here). The first agreement signed with Dar Al Handasah covers hospital design, while a second agreement focused on project management was signed with Midrar Development Management. They will break ground on the project after completing feasibility studies and receiving the necessary approvals. Dallah Healthcare owns a 27.2% stake in IMC, while Fitaihi Holding has a 19.25% stake.
MANUFACTURING-
City Cement Co. expects higher costs on higher fuel prices: Tadawul-listed City Cement Co. expects its sales cost to rise by 8% on the back of Aramco hiking diesel fuel prices, City Cement said in a disclosure to Tadawul yesterday. The cement manufacturer expects the impact will be seen from 1Q 2024, although its investments in using alternative fuel and waste heat recovery will help alleviate the financial impact.
Background:Aramco notified industrial and petrochemical companies in January that it wasraising the price of diesel 53% to SAR 1.15 per liter this year from SAR 0.75 last year. A number of Tadawul-listed players, including Sabic, said they expect the price hike to hit their cost of production in 1Q 2024.
SPORTS-
Armah Sports inks SAR 19.7 mn lease for men’s sports club: Armah Sports signed a 22-year, SAR 19.7 mn land lease agreement worth SAR 19.7 mn for a plot on Makkah road in Riyadh’s Al Hada to operate a men’s sports club under its B-Fit brand, it said in a statement to Tadawul.
FINTECH-
Enjaz Banking Services, a unit of Bank Albilad, is looking to offer zero-cost international transfers through a partnership with Singapore fintech outfit Nium, according to a statement.
TRADE-
Boosting Saudi’s non-oil exports:Saudi Export Import (Exim) bank signed an MoU with the Arab Monetary Fund’s Arab Trade Finance Program to support Saudi non-oil exports to Arab markets with the help of credit solutions, state news agency SPA reports, citing an Exim statement.
EDUCATION-
The first virtual school in the Kingdom is set to launch by 2025, after Ataa Educational inked a one-year MoU with Electronic Education and Training (Semanoor), Ataa said in a statement to Tadawul. The school will be open to both local and international students. No further information was provided.
