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TOURISM-
KEC + Hyatt International sign agreements for hospitality projects in Al Alya: Knowledge Economic City (KEC) has signed agreements with global hotel operator Hyatt International to operate and run a four-star hotel and hotel apartments under the Hyatt brand in its mixed-use Al Alya project in Madinah, it said in a disclosure to Tadawul yesterday. The financial terms of the contract will account for a share of operating revenues from the new hotel establishments, it said.
What we know: The Al Alya project is mixed-use development incorporating hospitality, residential, office, retail, and educational sectors. It will include the four-star Hyatt Centric hotel with 130 rooms and the four-star Hyatt House, which will be home to 420 hotel apartments.
REAL ESTATE-
#1- Saudi Real Estate (Al Akaria) has signed a contract with the Royal Commission for AlUla (RCU) and PIF-owned AlUla Development Company to develop and manage the planned Sidrat AlUla real estate project, it said in a disclosure to Tadawul yesterday. Under the contract, Al Akaria will bag a 10% development management fee of all project expenses, 2.5% of total sales, as well as another 10% from residential and commercial revenues. The contract runs for five years, with its value to be determined within 120 days of breaking ground on the project.
Sidrat AlUla? The project, part of the RCU’s urban expansion drive at the area, will span 260.2k sqm, including 810 residential units as well as 36.8k sqm in commercial and retail areas.
#2- Mulkia Investment Co plans to establish a real estate fund aimed at acquiring a 2.6 mn sqm land plot in Buraidah, it said in a disclosure to Tadawul yesterday. The transfer of ownership of the plot from its unnamed owners is pending the completion of bank financing procedures and sign-off from the Capital Market Authority. No details were provided on the size of the fund or the value of the land.
MANUFACTURING-
Tadawul-listed Southern Province Cement expects its production costs to rise by 12.5% on the back of Aramco’s fuel hikes, it said in a disclosure to Tadawul. Aramco notified industrial and petrochemical companies in last month that it was raising the price of diesel 53% to SAR 1.15 per liter this year from SAR 0.75 last year.
HOSPITALITY-
One step closer to heritage hotels in Jeddah’s historic Al Balad district: The Culture Ministry-backed Jeddah Historic District Program signed a contract with the PIF’s Al Balad Development Company to open heritage hotels in Jeddah’s historical district of Al Balad, state news agency SPA reports. Upon the restoration of the area, the program will hand over the heritage hotels’ management to Al Balad Development Co’s unit Al Balad Hospitality. The contract is part of a bid to turn the area into a global cultural and tourism attraction.
TRANSPORTATION-
Saptco’s buses are coming to Aseer: The Saudi Public Transport Co. (Saptco) was awarded a five-year SAR 113 mn contract to operatethe public transport network in Aseer’s Abha, Khamis Mushait, and Ahad Rufaidah, it said in a disclosure to Tadawul yesterday.
CULTURE-
RCU to get cultural boost from Panthéon-Sorbonne: The Royal Commission for Al Ula entered a partnership with French university Panthéon-Sorbonne to set up the Jaussen and Savignac Center for Archaeological Research in AlUla and Paris, it said in a statement on Linkedin yesterday. They will also focus on capacity building and knowledge transfer through programs including the Jaussen and Savignac Chair Master Program, according to the statement.
NBFS-
Egyptian non-banking financial services outfit Aman Holding will roll out installment services in Saudi Arabia in 2H 2024, by setting up a Saudi arm with a local investor, Aman Financial Services CEO Hazem Moghazi said according to Asharq Business. Aman will hold a 51% stake in the Saudi joint venture, while the unnamed local partner will hold the remaining 49% share, Moghazi said, according to Al Borsa.
