Saudi fund ‘to take over Riyadh financial district’

The first phase of the King Abdullah Financial District is due to launch next year. (Reuters)
Updated 23 November 2017

Saudi fund ‘to take over Riyadh financial district’

LONDON: Riyadh’s $10 billion business hub, which has been under construction since 2006, will be given a fresh lease of life under the management of the Kingdom’s sovereign wealth fund, according to reports.
The Public Investment Fund (PIF) has finalized a deal to take over the management of the King Abdullah Financial District from the Public Pension Agency, Bloomberg reported, citing unnamed sources.
While details of the deal have yet to emerge, Hilmi Ghosheh, who acts as an adviser for PIF’s real estate projects, is reportedly set to manage the completion of the development.
The Saudi Vision 2030 economic reform plan outlines details for the rehabilitation of the capital’s financial district, which is to be an economic free zone with visa exemptions and a direct connection to the airport.
The first phase of the project is due to launch next year with plans to host the G-20 meeting there in 2020.
The government is now exploring new incentive options to attract financial institutions to occupy space in the district, Bloomberg reported. Decade-long tax breaks for banks are among the ideas circulating to help populate the 73-building development, which has been restructured to reduce office space and increase the number of residential units.
PwC and local regulator Capital Market Authority are among the companies due to take space in the area.


Tesla slashes Model Y SUV price as pandemic weighs on auto sector

Updated 12 July 2020

Tesla slashes Model Y SUV price as pandemic weighs on auto sector

  • Reduction follows price cuts in May on Tesla’s Model 3, Model X and Model S

Tesla cut the price of its sport utility vehicle Model Y by $3,000, just four months after its launch, as the US electric carmaker seeks to maintain sales momentum in the COVID-19 pandemic.
The reduction follows price cuts in May on Tesla’s Model 3, Model X and Model S.
The company headed by Elon Musk this month posted a smaller-than-expected fall in car deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry.
The Model Y now starts at $49,990, down nearly 6 percent from its previous price of $52,990, according to the carmaker’s website.
Tesla did not immediately respond to a Reuters request for comment.
The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers like Volkswagen AG rolling out their own electric rivals.
In April, Tesla had said the Model Y was already profitable, marking the first time in the company’s 17-year history that one of its new vehicles turned a profit in its first quarter.