Beijing to host New Economy Forum in November

Updated 21 May 2019

Beijing to host New Economy Forum in November

Bloomberg and the China Center for International Economic Exchanges has announced that the 2019 New Economy Forum will be held in Beijing from Nov. 20 to 22 on the shores of Yanqi Lake, looking out at the Great Wall. Nearly 500 of the world’s most influential business executives, technology innovators, government officials, experts and academics from over 60 countries and regions will gather in Beijing to propose solutions to the massive disruption that is occurring, as the balance of global economic power shifts toward the Asia Pacific. 

These include Michael R. Bloomberg, Dr. Henry A. Kissinger, Bill Gates, Zeng Peiyan, Condoleezza Rice, Strive Masiyiwa, Jack Ma, Lawrence H. Summers and Lubna Al-Olayan from Saudi Arabia

Launched in 2018 by Bloomberg, the New Economy Forum is committed to promoting the smooth transition from the old economy — one based on labor-intensive manufacturing and trade in goods — to a new one focused on industrial automation, digital services and exchanges of data. 

“We are experiencing a period of profound change in the world, where new economic centers are emerging, new trading alliances are being formed and new technologies are upending industries,” said Bloomberg. “The New Economy Forum will address these seismic shifts through high-level and frank dialogue, while also fostering private-public collaboration. China is an integral part of these discussions, and the New Economy Forum will bring leaders there from around the world to tackle common challenges and advance our shared interests”


UAQ, Alinma close real estate fund at $4.5bn

Updated 07 December 2019

UAQ, Alinma close real estate fund at $4.5bn

Umm Alqura Company for Development and Construction (UAQ) and Alinma Investment Company announced the successful completion of the launch of the Makkah Real Estate Development Funds, with an investment value exceeding SR17 billion ($4.5 billion). 

The funds are invested in seven hotel towers and two commercial complexes that will be developed within the King Abdul Aziz Road (KAAR) project in Makkah. It is one of the most significant developmental and urban development projects in the Makkah region. The project includes multiple options including housing and shopping, and provides easy mobility and means of transportation between the project facilities and the central area of the Holy Mosque.    

Yasser Abuateek, CEO of UAQ, said: “This strategic agreement is the first of several diverse investment activities designed to attract leading investment institutions. It confirms the appeal of investing in KAAR, an attractive destination for long-term investments, as well as the trust of the investment and financing community.

“This partnership also sheds light on the strength of Alinma Investment and its success in managing real estate funds, which makes it the ideal partner for implementing the project’s development and urban plan. The project aspires to become one of the modern landmarks in Makkah.”

Abuateek added: “By successfully attracting investments valued at SR17 billion, we will make progress in line with the execution plan for several diverse projects, especially since we have already reached several major milestones, including completion of the pouring and construction of all the concrete blocks for the Makkah Metro tunnels, while in addition we have completed nearly 50 percent of the bridges. Currently, we are working on completing all the unprecedented infrastructure projects that followed the demolition phase, which represent a transformation in the investment, development and preparation of the project’s lands, making it more attractive for development and creating new choices that help upgrade the quality of life for Makkah visitors and residents.”

Acting CEO of Alinma Investment Mazin bin Fawaz Baghdadi said: “We are very happy with the success of the Alinma Real Estate Development Funds together with our partner UAQ. This investment, with the large sum of capital, will play a major role in fulfilling the objectives of the finance sector, while our partnership will contribute to increasing the capacity to accommodate pilgrims and visitors through implementing urban developmental projects in the Makkah region.”

“The funds’ investment objective is to achieve long-term capital growth through the development of the superstructure in various parts of the King Abdul Aziz Road project in Makkah, which are: Five-star international hotels (Taj Hotel and Kempinski Hotel), four-star hotels (Hilton Embassy), three-star hotels (Hilton Garden Inn), apartments (Kempinski Residence), and two malls,” added Baghdadi.