Subscription opens to Alinma EMF

• The offering targets collecting SAR 187.5 million (about $50 million) in subscriptions.
• The fund will start operations on Sept. 14, or earlier if the minimum capital requirement of SAR 37.5 million is met.

Saudi Catering, RSG ink pacts

• The first contract includes the design, building, operation and transfer of a central laundry to serve hotels, resorts as well as other facilities.
• The second contract includes the design, building, operation and transfer of a central production unit for catering and facilities management services.

Aldar, IHC, ADNEC merge joint businesses

• Under the agreement, IHC and ADNEC Group, a subsidiary of ADQ, will become strategic shareholders in Aldar Estates.
• Aldar Properties will retain a majority stake and maintain control over the combined platform.

Dubai records $381 million in real estate transactions

• The deals included 495 sales transactions worth AED1.15 billion on Friday, in addition to 79 mortgage deals totaling AED 297.58 million.
• The sales included 467 villas and apartments worth AED938.02 million, and 28 land plots worth AED208.93 million.

Saudi tourism magnets: Oasis, bustling cities

• Masmak Fortress in Riyadh, another major attraction, was once the home of the Saudi royal family. It is now a museum that tells the story of the founding of the Kingdom.
• The once-closed Kingdom has relaxed some of the country's social and religious laws, making it easier for tourists to visit.

PIF, ADQ show highest improvement in GSWF sustainability rankings

• Global SWF said it observed a very significant increase in the overall score across funds from 59 percent in 2022 to 63 percent this year.
• PIF, Abu Dhabi’s Mubadala and ADQ, Qatar’s QIA, and Bahrain’s Mumtalakat have embraced the rating tool and taken the opportunity to improve practices.

ADNOC Gas awards $1.34bn contracts

• This expansion project, known as the sales gas pipeline network enhancement (ESTIDAMA) program, aims to extend ADNOC Gas' existing pipeline network.
• The ESTIDAMA program comprises multiple packages, with the first package awarded in 2021 for early modification works on existing pipelines, which were completed in 2023.

Saudi tourism on growth path despite hiccups

• The $500 billion development on the Red Sea coast, which will include luxury resorts, residential developments, and a nature reserve, is one of the key tourism projects.
• The Kingdom is also developing the UNESCO World Heritage Site of AlUla into a major tourist destination.

Iraq’s oil export revenues in June hit $7 billion, says SOMO

DEWA develops gateway connecting terrestrial sensors to satellites

• The gateway was developed by DEWA's Research and Development (R&D) Centre as part of the Space-D program.
• The device complies with international IoT device security standards, including OT security, the statement reads.