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LOGISTICS-
Saudi Ground Services (SGS) renewed its ground handling services contract with Flynas covering domestic and international flights for the next five years under a SAR 2 bn contract, it said in a disclosure to Tadawul. Flynas has recently joined the UN World Tourism Organization as an affiliate member, becoming the first Saudi airline and low cost carrier to join from the Middle East.
Market reaction: SGS shares rose 5.2% to SAR 51.50 a piece at yesterday’s close.
REAL ESTATE-
#1- Knowledge Economic City has inked two construction contracts for Al Alya project with Elkhereiji Commerce and Contracting, it said in two separate filings to Tadawul, here and here. Implementation includes structural, landscaping, electromechanical and site works on a total of 12 residential buildings — 396 apartments — for phase one of the Al-Alya mixed-use project in Madinah. The SAR 171 mn contract covers eight of the 12 complexes and will run for 20 months starting Sunday, 5 May 2024. The second contract includes the remaining four residential buildings for an additional SAR 117.5 mn. It will run for a period of 24 months.
#2- Al Kathiri Holding has secured a SAR 21 mn infrastructure development project with the State Security Presidency, it said in a regulatory filing to Tadawul. Msandh Alemdad — a unit of Al Kathiri — will carry out the supply and implementation of structural, architectural, mechanical and electrical works of a building in Riyadh. No further details were provided.
OIL & GAS-
Oil and gas drilling company Ades Holding was awarded a SAR 350 mn jack-up drilling project in Qatar, with what it says is “one of the major international oil companies,” according to a company press release (pdf). The one-year contract is subject to renewal for up to 18 months. Operations on the rigs are scheduled for kick off in 2H 2024.
EDUCATION-
National Company for Learning and Education (NCLE) has inked a 20-year lease contract valued at SAR 87 mn to operate an educational complex in Riyadh, it said in a statement to Tadawul.
HEALTHCARE-
Scientific and Medical Equipment House signed a five-year agreement with the Health Ministry, valued at SAR 180.3 mn to supply cooked food services for Madinah-based hospitals including King Fahd Cardiac Center, Uhud, and Al-Miqat General, it said in a statement to Tadawul.
