RIYADH: Some 36,0000 construction workers on one of Saudi Arabia’s biggest real estate projects are to be given smart badges.
The Red Sea Development Company has awarded a contract to Machinestalk to provide smart badges and wireless tagging solutions, for its construction workforce and fleet of vehicles, according to a statement on the Saudi Press Agency.
Machinestalk will deploy a “LoRaWan” network over the project area of 3,500 square kilometers, in addition to launching an Internet of Things (IoT) platform, that will also help to track 3000 vehicles in operation on site, said CEO, John Pagano.
The smart badges will control access to areas of the sprawling site preventing unauthorized individuals and vehicles from entering.
The badges will also enable everyone to report any security or safety issues to a dedicated emergency response and security center.
The first phase of the project will see 14 luxury and hyper-luxury hotels across five islands and two inland resorts, providing more than 3,000 hotel rooms.
It will also include a new airport, a yacht marina, leisure and lifestyle facilities, as well as supporting logistics and utilities infrastructure, including 75 kilometers of new roads, according to the company’s website.
The destination is expected to be fully completed by 2030.
36,000 construction workers on Saudi Arabia’s Red Sea project given smart badges
https://arab.news/2c328
36,000 construction workers on Saudi Arabia’s Red Sea project given smart badges
- System tracks worker and vehicle movements
- Supports immediate security alerts to central team
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
