RIYADH: Saudi telecom Co., now known as stc, has partnered with a consortium, led by eWTP Arabia Capital, to set up a cloud computing unit with SR894 million ($238 million) capital. stc will take 55 percent stake in the company with SR492 million investment, whereas eWTPA will hold a 27 percent stake. Alibaba Cloud Singapore will come on board with a 10 percent stake while Public Investment Fund-owned Saudi Co. for Artificial Intelligence and Saudi Information Technology Co. will hold 4 percent stakes each in the company.
· Contractors are preparing bids to be submitted by July 19 for the main package to construct Saudi Entertainment Ventures’ Exit 15 project to be located in Al-Nahdah area of Riyadh, MEED reported. Designs for the project — expected to be completed over the span of three years — include a built-up area of over 215,000 square meters in addition to a parking, retail, and food and beverages spaces measuring around 700,000 square meters.
· Egypt’s majority-owned subsidiary of Orascom Construction, Suez Industrial Development Co., or SIDC, is collaborating with joint-stock private equity firm Al-Ahly Capital Holding in the establishment of a 2.2 million square-meter industrial park to be located in Abu Rawash in the governorate of Giza, MEED reported. The industrial park is set to target sectors including logistic, light industries, small and medium-sized enterprises, among others. Additionally, as the lead developer, SIDC will own as much as 25 percent of the project company.
· Vulcan Pelletizing has awarded Finnish listed technology firm Metso Outotec a contract to supply engineering and key equipment worth $35 million to a Oman-based iron ore grate-kiln pellet plant, MEED reported. To be located in the city of Sohar, the plant is set to be operational toward the end of 2023. The plant is also projected to have a capacity to produce up to 6 million tons of high-quality iron ore pellets per year.