Saudi-listed SAL Logistics launches $1bln logistics zone in Riyadh
Saudi-listed SAL Logistics Services and Public Investment Fund-backed Sela have signed an agreement to develop the SAL Logistics Zone in Falcon City, north of Riyadh.
The logistics zone will cover an area of over 1.5 million square metres (sqm) and will be developed at the cost of 4 billion Saudi riyals ($1.1 billion).
The project will feature high-quality warehouses, scalable storage solutions, and the latest operational infrastructure, incorporating advanced security systems, climate-controlled storage, and energy-efficient solutions.
No construction timeline was given.
Spanning 14.4 million sqm in Malham, north of Riyadh, Falcon City will host the Riyadh Exhibition and Convention Centre, an advanced logistics zone for global enterprises, runway and aircraft maintenance facilities to enhance air cargo and logistics operations. The project will also include commercial, residential, hospitality, entertainment, and retail zones.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Web Release
3 hours ago
- Web Release
Nissan achieves 10% growth in Fiscal Year 2024 across the Middle East, driven by SUV demand and iconic nameplates
Nissan has announced a 10% year-on-year growth in the Middle East region for fiscal year 2024 (April 2024 – March 2025). Spanning over 18 markets, including the Gulf states, Saudi Arabia, Levant, Iraq, and CIS, the brand's regional business unit achieved strong results, fueled by increased demand for SUVs and crossovers, which accounted for more than 55% of total sales. SUV sales rose 17% year-on-year, led by the World Premiere of the All-New Nissan Patrol in Abu Dhabi, which saw a 21% increase in sales. Closing FY24, Nissan expanded its SUV range with the Magnite, a compact SUV introduced regionally in Saud Arabia, offering a value-driven option for city living. Saudi Arabia remains Nissan's largest market in the Middle East, contributing over 35% of total regional sales in FY24. The Kingdom continues to be a key pillar in Nissan's regional strategy, with the SUV portfolio including Pathfinder with a 27% increase, and KICKS with a 10% increase, resonating strongly with Saudi consumers. This market remains pivotal to Nissan's growth, especially in the SUV segment, which has seen strong demand in recent years. Thierry Sabbagh, President of Nissan Middle East and INFINITI and Divisional Vice President for KSA, Middle East, and CIS, said 'FY24 marked a strategic turning point for Nissan in the region. Amid shifting market dynamics and heightened consumer expectations, we remained focused on what drives long-term value, strong partnerships, competitive product lineup, and operational agility across our markets. Our performance in Saudi Arabia, our largest market, reflects the strength of our product strategy and the trust we continue to build with customers and dealers alike. As we look ahead, we see clear opportunities for growth, particularly across the SUV segment, supported by a robust FY25 product pipeline and closer collaboration with our trusted partners across the region.' Beyond Saudi Arabia, Gulf markets played a key role in driving regional sales growth. These markets saw a 16% uplift in sales, with Qatar emerging as standout performer with a 32% increase. The UAE registered a 16% increase in sales, while Bahrain posted an 11% rise. The Patrol saw impressive gains in these markets, with sales surging 80% in Qatar and over 30% in both the UAE and Bahrain. Additionally, the X-TRAIL recorded strong double-digit growth across several key markets, including a 32% increase in the UAE, and 25% in Kuwait. Product performance across the region also showcased the strength of Nissan's portfolio. The Pathfinder achieved a remarkable 96% year-on-year increase, driven by robust demand in the UAE. Meanwhile, the KICKS saw a 28% regional increase, with particularly strong performances in the UAE and Bahrain This momentum was further boosted by the February 2025 launch of the all-new KICKS, which featured upgraded features and a refreshed design, reflecting its popularity among younger, tech-savvy urban drivers. Entering FY25, Nissan stands on a solid foundation, having reinforced its product lineup with both iconic models and exciting new introductions. Building on its momentum, FY25 will see the continuation of Nissan's product offensive strategy, with new models and nameplates set to launch across the region. With the recent introduction of the new Magnite and KICKS strengthening Nissan's SUV offering, the brand remains focused on meeting the growing customer demand for SUVs and crossovers. Guided by a commitment to innovation, quality, and customer engagement, Nissan is poised for sustained growth in the evolving Middle East market.
Arabian Post
6 hours ago
- Arabian Post
GulfNav Secures $871 Million Deal to Bolster Oil Storage Hub
Arabian Post Staff -Dubai Gulf Navigation Holding PJSC has signed a definitive agreement to acquire the assets and subsidiaries of Nasdaq‑listed Brooge Energy for AED 3.2 billion, a move set to significantly expand its midstream oil and gas capacity. The transaction spans a blend of cash, share issuance, and mandatory convertible bonds, with completion anticipated by the close of the third quarter of 2025, subject to regulatory and shareholder approvals. The bulk of the deal involves taking over Brooge Petroleum and Gas Investment Company FZE, its Phase III FZE entity, and BPGIC Phase 3 Limited—each operating advanced crude, fuel oil, and refined petroleum storage facilities in Fujairah. These strategically located assets will double GulfNav's existing infrastructure, reinforcing its footprint at a key UAE bunkering and storage hub. ADVERTISEMENT Under the structured settlement, GulfNav will allocate 358.8 million new shares at AED 1.25 each to Brooge Energy, enforceable with a 12‑month lock‑up period. It will also issue AED 2.336 billion in mandatory convertible bonds convertible at the same share price and restricted similarly. Existing shareholders have access to AED 500 million in MCBs at AED 1.10 per share, with major investors covering any unclaimed portion. Additionally, AED 460 million will be disbursed in cash. Chief Executive Ahmad Kilani described this acquisition as transformational, explaining that integrating Brooge's storage infrastructure with GulfNav's maritime services will 'unlock operational synergies, enhance storage capacity and drive long‑term value for shareholders.' Incoming facilities in Fujairah are expected to enhance logistical efficiency, lower costs, and broaden GulfNav's revenue mix. This move aligns with GulfNav's strategy to transition from a legacy maritime operator to a diversified energy‑logistics conglomerate. The firm's board was authorised in March 2025 to proceed with the asset acquisition, capital increase, and issue of MCBs, all in light of its shareholders' approval. Regulatory processes and amendments to the company's articles of association—particularly regarding foreign ownership—are now underway. Brooge Energy has previously attracted scrutiny. In December 2024, U.S. investors filed a fraud claim against auditor Ernst & Young, alleging that revenues were overstated by between 30% and 80% during 2018–2020. The firm reached a $5 million settlement with the U.S. Securities and Exchange Commission over irregular accounting practices. Despite these concerns, GulfNav maintains the deal offers strategic value, citing diligence and planned regulatory housekeeping prior to close. Analysts note the landmark nature of this deal; GulfNav's storage assets are poised to surge, positioning it as a key player in the region's rapidly evolving energy-logistics ecosystem. Fujairah's strategic location outside the Strait of Hormuz means its terminals are well placed to serve global crude oil logistics, with Brooge's high-tech blending capabilities offering an edge in operational efficiency. Transaction conditions encompass customary requirements: shareholder approvals, regulatory consents, debt settlements, and commercial registration. GulfNav expects to finalise the share and bond issuance in tandem with regulatory clearance, with the goal of closing by end‑Q3 2025. After completion, the Brooge Energy shareholders and bondholders will receive equity in GulfNav under lock‑up terms. Post-acquisition, GulfNav's board plan includes integrating Brooge's board representatives to ensure continuity and operational alignment throughout the transition. Integration is expected to elevate GulfNav's EBITDA margins and open fresh revenue streams via enhanced storage, blending, and bunkering services. Although GulfNav navigates complexities from Brooge's previous accounting controversies, analysts emphasise the strategic benefits—particularly the ability to offer complete maritime-to-storage and product blending services from a single platform. The expanded Fujairah facilities will allow GulfNav to capitalise on growing crude export flows, further supported by Abu Dhabi's energy growth ambitions. With conventional execution risk low, attention now shifts to securing regulatory and legal clearances, along with capital-raising for the MCB component. Successful completion will mark GulfNav's transformation into a fully integrated energy logistics powerhouse, ready to meet regional demand while delivering enhanced returns to investors.
Zawya
6 hours ago
- Zawya
Saudi awarded projects total $9.6bln in 5 months
The value of awarded public contracts in Saudi Arabia totaled around 36 billion Saudi riyals ($9.6 billion) in the first five months of 2025, a Saudi report showed on Tuesday. April recorded the highest project value this year while May was the lowest, showed the report by the Saudi contractors authority (SCA). The value of awarded public projects stood at around SAR1.668 billion ($445 million) in May, far below the April value of around SAR13.3 billion ($3.7 billion). The report showed that in May, Saudi Arabia awarded 15 projects, including nine in construction and six in infrastructure Ten projects awarded in May are expected to be completed in 2027 while the rest are scheduled for 2026 and 2028. Key project owners last month include Crown Prince Mohammed bin Salman's Misk Foundation, the Public Investment Fund (PIF) and the Diriyah Gate Development Authority, with a total value of around SAR487 million ($130 million), SCA said, adding that it expects 20 contracts to be awarded in June 2025. (Writing by Nadim Kawach; Editing by Anoop Menon)
