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LOGISTICS-
#1- China’s Sany to supply Dammam port with electric trucks: China’s largest construction equipment maker, Sany Heavy Industries, has inked a contract with Saudi Global Ports (SPG) to supply 80 electric trucks to the King Abdulaziz Port in Dammam, the Saudi Ports Authority (Mawani) said in a statement. This makes the port the largest in the Middle East with such a fleet, according to the statement. It also marks Sany’s largest single contract overseas to manufacture and supply electric trucks.
Saudi Global Ports is a joint venture between the Public Investment Fund, Al Blagha Group, and Singapore-based port operator PSA International.
#2- China’s XCMG adds a new service center in the Kingdom: Chinese state-run construction equipment manufacturer XCMG has opened a new service center in Dammam, according to a statement. It also opened a transit warehouse, a component warehouse, and a training center, the statement added. XCMG currently operates other service centers in Riyadh, Jeddah, and Tabuk.
XCMG + Saudi: XCMG is currently involved in several of the Kingdom’s mega projects, including Neom, The Red Sea project and the Diriyah Gate Development Authority (DGDA) project, according to the statement.
AVIATION-
#1- Etihad Airways operated its first flight from Abu Dhabi to Saudi’s Al Qassim region on Monday, it said in a statement. The airline now offers four direct flights per week to the Kingdom’s central province.
#2- IndiGo is adding more flights between Mumbai and Jeddah: India’s budget airline IndiGo plans to add two more daily direct flights between Mumbai and Jeddah from 15 August, it said in a statement (pdf). The move would double the number of weekly flights between the two cities to 14, the statement read.
#3- The Air Connectivity Program has lined up two new routes from Paris and Lyon to Jeddah, which will begin operations next December with two flights per week for each route, it per a statement from state-run SPA.
DEBT WATCH-
The National Debt Management Center closed its June issuance of SAR-denominated sukuk at SAR 4.4 bn, it said in a statement. The issuance was divided into three tranches, with the first SAR 1.6 bn tranche maturing in 2027, the second SAR 53 mn maturing in 2031 and the third SAR 2.76 bn maturing in 2034.
AGRICULTURE-
Local environmental services provider Netzero signed an MoU with the Brazilian government that will help provide it with technology to measure the amount of carbon dioxide absorbed by trees and advanced solutions to manage carbon emissions, state news agency SPA reported.
About the company: Netzero helps companies offset their emissions by providing them with environmentally friendly solutions and afforestation projects, according to its website.
STARTUPS-
SparkLabs takes the reins of a Saudi accelerator for AI startups: Global VC firm SparkLabs Group will now be leading the AI startup accelerator program AIM-X, which was launched under the Saudi Artificial Intelligence Mission (AIM) initiative, according to a statement. The initiative was introduced by the Ministry of Communications’s National Technology Development Program (NTDP), King Abdullah University of Science and Technology, and Saudi Data and AI Authority.
About AIM-X: The program will be accepting applications from early-stage AI startups between 14 June and 1 July, before it goes live on 17 September. Participants will be eligible for a USD 200k investment in exchange for up to 6% of equity.
