Patel Family Office, a US investment enterprise, and Abdel Hadi A Al-Qahtani & Sons (AHQ), a Saudi industrial conglomerate, have signed a $1 billion deal to establish AYARA, a vertically integrated hospitality platform that will develop a network of 50 international brand-name business hotels across Saudi Arabia by 2029.
Italian construction giant Webuild will exit a major contract on Saudi Arabia’s ambitious NEOM development after the client opted to terminate works on part of the Trojena mountain resort, highlighting ongoing adjustments within one of the world’s most closely watched infrastructure programmes.
Malaysia-based Eversendai Corporation said it has received a termination notice for its structural steel contract at the Trojena Ski Village project in Saudi Arabia, citing geopolitical developments in the Middle East.
In a major move, Transport General Authority (TGA) has temporarily exempted Saudi and foreign vessels from validity of certificates and documents needed for the issuance or renewal of navigation licenses and work permits for marine units for a period of 30 days due to the ongoing Middle East conflict.
Britain is preparing for a mass evacuation of tourists and expats stranded in the Gulf due to the present conflict in the area via Saudi Arabia, a Daily Mail report said.
A drone strike has forced the temporary closure of the Ras Tanura Refinery, one of the world’s largest oil processing facilities in Saudi Arabia, dealing a fresh blow to global energy markets already on edge over escalating regional tensions.
Shandong Electric Power Construction Corporation III has achieved a key milestone with the successful connection of the first wind turbine at the 600MW Al Ghat Wind Power Project in Saudi Arabia to the grid. The project comprises 80 wind turbine units, each with a capacity of 7.7MW.
SICO Capital, a leading provider of asset management, brokerage, and investment banking services in Riyadh and licensed by the Saudi Capital Market Authority, has appointed Ziad Malak as Head of Investment Banking.
Saudi Arabia has issued a royal order approving the establishment of the Riyadh University of Arts, an independent educational institution headquartered in Riyadh under the supervision of the Ministry of Culture.
The Bahrain and Saudi Arabian Formula One Grands Prix will not take place in April as scheduled due to the ongoing situation in the Middle East region, the FIA said.
