Dussur, GE sign $1bn JV

Dussur has signed a SR3.75-billion ($1 billion) agreement with General Electric (GE) to co-invest in strategic sectors that will help develop and localise industrial value chains in the kingdom to serve the domestic market and beyond.

In addition, an aggregate potential investment of SR7.5 billion ($2 billion) will be made to support projects in the fields of water, energy, aviation, digital, and other sectors in 2017.

Formerly Saudi Arabian Industrial Investments Company, Dussur is a joint venture between Saudi Arabian Public Investment Fund (PIF), Saudi Aramco, and Saudi Basic Industries Corporation (Sabic).

New rental contract unveiled

The Ministry of Housing has released the model of a uniform rental contract that has been framed to protect the rights of landlords, tenants and real estate brokers, as well as to control prices in the kingdom, said a report.

The contract consists of 16 articles that spell out the rights and duties of each party and the mechanism for payment of rent, the Saudi Gazette reported.

The uniform contract will be registered with the ministry’s electronic Ijar system. Real estate firms are obligated to join the system, which defines the rights of tenants and landlords by having both parties sign a rental agreement via the Ijar network.

Irish firm wins O&M contract

Shanahan Engineering has been awarded an operations and maintenance (O&M) compilation contract by Shandong Electric Power Construction Corporation (Sepco) for its project in Saudi Arabia.

The contract is for the production of the O&M manual for the Jazan integrated gasification combined cycle project. The work will be completed by Shanahan Engineering’s consultancy services department from its head office in Dublin, Ireland.

The work by Shanahan Engineering is crucial to the power plant at Jazan Refinery as it will produce 2,400 MW of much-needed electricity to the area, adding significant value to the plant.