Wednesday, 9 October 2024

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ALSO ON OUR RADAR

Asas Al Mohileb to set up a SAR 700 mn concrete factory

PLUS: Ladun Investment signs agreement to develop SAR 827 mn real estate project

MANUFACTURING-

#1- Asas Al Mohileb to set up a SAR 700 mn concrete factory to serve The Line: Construction firm Asas Al Mohileb agreed to build and operate a SAR 700 mn ready-mix green concrete factory at Neom that will serve the construction of the latter’s flagship sustainable city The Line, Neom said in a statement. The facility will have an estimated production capacity of 20k cubic meters per day. No details were given on the timeframe of the project.

#2- City Cement’s subsidiary to set up a JV for manufacturing eco-friendly cement replacement: City Cement ’s subsidiary Nizak Mining signed an agreement with Dubai- and London-based Next Generation SCM to establish a JV for manufacturing low-carbon cement alternative, City Cement said in a filing to Tadawul. SCM uses a patent technology from its owner, the Danish Company CemGreen, to manufacture the eco-friendly building material.

#3- Modon inks SAR 137 mn agreements to build production facilities in Dammam’s 2nd Industrial City: Modon signed six contracts worth SAR 137 mn with private sector companies to set up production facilities in Dammam’s Second Industrial City for gas pressure sensors, engine parts, valves, pipe-fitting, and food fortification, according to a post on X. The companies involved are Rotex, Sasib, TubeFit, Sustainable Innovations, United, and Miran.

REAL ESTATE-

Nomu-listed developer Ladun Investment is developing a SAR 827 mn mixed-use real estate project in Makkah, including a high-end 25-story tower, under a freshly-inked agreement with Mawten Real Estate, according to a filing to Tadawul. The project will feature 935 luxury serviced residential units, shops and commercial showrooms set to be sold off-plan.

M&A WATCH-

Sarco inches closer to acquiring Gesico: Oil refineries operator Saudi Arabian Refineries Company (Sarco) tapped undisclosed advisors for its potential acquisition of the German Saudi Industrial (Gesico) and Golden Compass Mining Services Company through a share-swap agreement, it said in disclosures to Tadawul here and here. The move prompted Sarco to extend the non-binding MoUs it had signed with both companies earlier this year for an additional three months.

HEALTHCARE-

Dr. Sulaiman Al Habib Medical Group’s new maternity hospital in Riyadh’s Al Rahmaniyah will open its doors on Sunday, 13 October, after obtaining all the necessary licenses from the Health Ministry, it said in a disclosure to Tadawul. The hospital will operate under the name Dr. Sulaiman Al Habib Women's Health Hospital.

HOSPITALITY-

Hilton Riyadh Olaya has officially opened its doors, according to a press release. The hotel is located on King Fahd Road and features 239 rooms, suites, and residential apartments.