UAE’s Brooge Petroleum to start trading on Nasdaq on Monday

Soon-to-be Nasdaq listed Brooge Petroleum and Gas Investment Co. valuation now exceeds $1 billion following its merger with US company Twelve Seas Investment Co. (AFP)
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Updated 22 December 2019

UAE’s Brooge Petroleum to start trading on Nasdaq on Monday

  • Oil storage company BPGIC completes merger with US company Twelve Seas Investment Co.
  • Merger and listing were aimed at establishing a global presence

DUBAI: UAE-based Brooge Petroleum and Gas Investment Co. (BPGIC) said it will start trading on New York’s Nasdaq stock exchange on Monday, following its merger with US company Twelve Seas Investment Co.
Oil storage company BPGIC completed the merger on Friday, it said in a statement on Sunday, and its valuation now exceeds $1 billion.
The merger and listing were aimed at establishing a global presence with access to liquid markets that could support the company’s expansion plans, BPGIC said.
BPGIC, which was set up in 2013, is one of the largest holders of oil storage assets in Fujairah.
In September, BPGIC awarded a contract to Spain’s SENER engineering group to build an oil refinery in Fujairah, located just outside the Strait of Hormuz, a key shipping lane.
The plant will produce bunker fuel that complies with new international laws capping sulfur content in shipping fuels.


Saudi PIF unit SEVEN to build theme parks and entertainment centers across the Kingdom

Updated 25 February 2020

Saudi PIF unit SEVEN to build theme parks and entertainment centers across the Kingdom

  • Plans include 20 entertainment destinations, 50 cinemas and two large theme parks in prime locations across the Kingdom
  • Each complex will feature several entertainment and leisure choices including cinemas, play areas, rides and F&B outlets

LONDON: The Saudi Entertainment Ventures Company (SEVEN) plans to develop theme parks and entertainment centers around the country.
Plans include 20 entertainment destinations, 50 cinemas and two large theme parks in prime locations across the Kingdom, the Public Investment Fund unit said in a statement on Tuesday.
Each complex will feature several entertainment and leisure choices including cinemas, play areas, rides, F&B, attractions and more. 
“We are committed to realizing the goals of Saudi Vision 2030 to accelerate the creation of world-class entertainment assets in the Kingdom that support economic diversification, create new jobs, and contribute to socio-economic progress,” said SEVEN Chairman Abdullah Al-Dawood. “Our complexes will position the Kingdom as an entertainment, culture and tourism hub of the region.”
The new attractions are planned for cities that include Jeddah, Jazan, Taif, Tabuk and Yanbu as well as the Holy Cities of Makkah and Madinah.
In the capital the entertainment center at Al Hamra will serve the densely populated suburbs of north east Riyadh, with some 2.5 million people living within a 30 minute drive. In Dammam and Al Khobar, SEVEN is also developing new waterfront attractions.
Entertainment is expected to be a key driver for Saudi economic growth over the next four years according to a report released this week by CBRE, the international real estate broker.
In addition to the new entertainment centers announced by the PIF, a number of other high-profile projects are underway, including the Qiddiya Entertainment City, The Red Sea Project, AMAALA, Al Ula, King Salman Park and Riyadh Sport Boulevard.
The retail and hospitality sectors are expected to benefit from the entertainment boom with total retail space in the capital expected to reach 3.5 million square meters (sq m) of gross leasable area by 2024. By 2024, Jeddah’s retail market is expected to witness considerable supply growth, reaching over 2 million sq m. 
As of 2019, the Kingdom received about 59 million tourist trips and these figures are expected to continue to increase to 100 million tourist trips by 2024.
“It is clear that Saudi Arabia remains one of the game changers in the entertainment sectors globally,” said CBRE MENAT Managing Director Nicholas Maclean.