UAQ, Alinma close real estate fund at $4.5bn

Acting CEO of Alinma Investment Mazin bin Fawaz Baghdadi, left, and Yasser Abuateek, CEO of UAQ, announced the successful completion of the launch of the Makkah Real Estate Development Funds, with an investment value exceeding SR17 billion.
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.


Two Emiratis claim Guinness record titles

Footballer Areej Al-Hammadi, who plays for the UAE National Football Team, broke the record for soccer ball ‘hotstepping,’ and fitness expert Walid Yari smashed the record for the most side jump pushups in a minute.
Updated 04 August 2020

Two Emiratis claim Guinness record titles

Guinness World Records, the global authority on record-breaking achievements, has announced that two Emiratis — footballer Areej Al-Hammadi and fitness expert Walid Yari — are the newest title holders in the region.
Al-Hammadi, who plays for the UAE National Football Team, broke the record for soccer ball “hotstepping,” completing 86 repetitions of the ball control trick in 1 minute. She broke the previous record of 56 in the UK. Yari, meanwhile, smashed the record for the most side jump pushups in a minute, completing 33 flying pushups in a single minute, where the previous record stood at 26 in India.
The two Emiratis’ achievements were announced at the launch of Guinness World Records Day 2020, which is themed “Discover Your World.” The initiative is encouraging people to take on a new challenge now that lockdown measures are easing, or simply turn a newfound skill or talent into a world record attempt.
Known as “The Beast of the Middle East,” Yari is a 34-year-old fitness professional and social media content creator. He is taking the region by storm with a growing fan base of more than 650,000 followers on Instagram.

I am incredibly proud to be a Guinness World Records title holder and excited to help celebrate the launch of Guinness World Records Day this year. It is proud moment for me, for my country, and for women around the world.

Areej Al-Hammadi, Emirati Footballer

“I encourage people to swap their burgers for burpees and get into shape with unique training routines that resemble something that can only be visualized in a film,” said Yari. “I have been training almost all my life, and I was ready the minute I knew about Guinness World Records Day. So, I set up my cameras the next day, and filmed the entire scene to smash the previous record title,” said Yari.
Al-Hammadi has paved her way to the top of women’s football in the MENA region. She is a creative services professional by day, and a footballer by night. She has lived most of her life chasing opportunities in football, forming football teams both in school and during higher studies at the American University in Dubai, and attending many of the women’s football championships within the MENA region, before she finally made it to the UAE National Football Team.
“I am incredibly proud to be a Guinness World Records title holder and excited to help celebrate the launch of Guinness World Records Day this year. It is a proud moment for me, for my country, and for women around the world. Why football? Because it is my passion,” said Al-Hammadi.
Guinness World Records Day 2020 will take place globally on Nov. 18.