Diriyah Gate Development Authority (DGDA) has set up a new subsidiary company, Diriyah Development Company (DevCo) to handle the development activity taking place within its ambitious SR75-billion ($20 billion) Diriyah Gate development which is projected to increase by 450 per cent over last year.

Saudi Arabia’s first homegrown cinema brand, muvi Cinemas KSA, is on target to launch 307 screens across the kingdom over the next 12 months at an investment of SR820 million ($218 million). This follows a successful 2020, which saw the addition of eight new multiplexes to the brand’s portfolio.

Dubai-based Oilfields Supply Center Limited (OSC) said it has awarded the construction contract for its new base coming up within King Salman Energy Park (Spark) at a total investment of $570 million.

Abu Dhabi-based Masdar said its consortium with global renewable energy leader EDF Renewables is set to start construction work on a 300-megawatt (MW) utility-scale photovoltaic (PV) solar power plant in Jeddah following its financial close with Nesma Company.

ACWA Power, a leader in power generation and water desalination plants, has inaugurated the 300MW Sakaka PV IPP, Saudi Arabia’s first utility-scale renewable energy project which has been built at an investment of SR1.2 billion ($320 million).