Emaar wants to do more business in Saudi Arabia

Mohamed Alabbar (left), Emaar Properties Chairman, at the Future Investment Initiative conference in Riyadh. (Reuters)
Updated 26 October 2017

Emaar wants to do more business in Saudi Arabia

RIYADH: Mohamed Alabbar, the Emaar Properties chairman, is keen to do further business with Saudi Arabia, and would like to help the Kingdom to develop the $500 billion Neom project announced at the opening day of the Future Investment Initiative in Riyadh.
Speaking on the sidelines of the conference, Alabbar, who already has significant business partnerships with Saudi Arabia via the Noon e-commerce platform and the King Abdullah Economic City (KAEC), said of the Neom project: “It’s a big, exciting thing. If they call on us (Emaar), we would look on that positively. The Middle East as a whole is very short on infrastructure, and the project is a very significant addition. If we’re invited to participate, we would be honored.”
His company is the developer of the KAEC project, listed on the Tadawul as Emaar The Economic City, which has been in development since 2005. He said: “There have been challenges. We all got very excited about it but it needed support during the financial crisis in terms of facilitation. But it is still well on the path. It is a long-term project. I would imagine in five or six years we will see a lot more progress. We have to watch the cashflow and the finances according to market conditions.”
He is a joint investor with the Saudi Public Investment Fund in Noon, the e-commerce company set up last year to rival big firms such as Amazon in the online retail space.
He said that the Noon initiative was also a long-term project. “I’m very happy with it, but it’s still a baby.” He said the firm was already doing deliveries in the Kingdom, and had already had an effect on the Saudi market.
“Amazon is now dropping its prices. Any competition is beneficial to the country and its society. I will not allow any company to come in to a market and dominate the price of milk you give to your child. We don’t come to destroy your business, we will not kill local business.”
He added that he would like to do more business with PIF. “We’re on the phone to them all the time. We are dedicated to supporting the opening up of Saudi Arabia,” but did not elaborate on specific further projects with PIF.
He said that Saudi Arabia faced challenges in implementing its economic transformation strategy, but added: “Every country has challenges and I would not criticize another country because I am a foreigner here. If you are a true businessman you want to look into the future, and that is what the young leadership is doing here. The policy changes in the country are like a businessman restructuring his company.”


2 more Houthi drones shot down by Saudi-led Coalition forces

Updated 26 min 7 sec ago

2 more Houthi drones shot down by Saudi-led Coalition forces

  • Three drones, six ballistic missiles launched toward Saudi Arabia by Houthis in a span of 24 hours
  • All six missiles and three drones were shot down by Coalition air defenses

JEDDAH: Two more drones launched by Houthi "terrorists" from Sanaa toward Saudi Arabia were shot down early Monday, the ninth hit in a span of 24 hours, Coalition forces supporting Yemen's legitimate government said .

In a statement carried by the Saudi Press Agency (SPA), coalition spokesman Colonel Turki Al-Maliki said the two drones were intercepted and shot down in Yemeni airspace by Saudi-led air defense forces.

On Sunday evening, six ballistic missiles fired from Yemen were also intercepted by the coalition as they headed towards Jazan in south-west Saudi Arabia.

Al-Maliki said the missiles were launched by Houthis from Saada province "in an attempt to target civilian and civilian installations in Jazan city.” 

Earlier on Sunday, the coalition shot down a Houthi drone targeting the Saudi city of Khamis Mushayt, state news agency SPA reported.

The drone attack targeting Khamis Mushayt, state was the second on the city in recent days. 

Earlier this month, 10 drones attacked the Shaybah natural gas liquefaction plant in Saudi Arabia near the UAE border. The attack caused no injuries and did not disrupt operations, Saudi Arabia said.

Al-Maliki said the attacks reflect the size of the Houthi’s losses on the battlefield in Yemen as a result “of the continuing military operations deep inside Saada governorate.”

"All attempts by the Iranian-backed terrorist Houthi militia to launch drones are doomed to fail and the coalition takes all operational procedures and best practices of engagement rules to deal with these drones to protect civilians," Al-Maliki said.