California theme parks, stadiums to reopen soon

California theme parks, stadiums to reopen soon
Theme parks like Disneyland, Universal Studios, Legoland and Knott’s Berry Farm protested strongly last October when California health officials ruled out any quick reopening of their attractions. (AP)
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Updated 07 March 2021

California theme parks, stadiums to reopen soon

California theme parks, stadiums to reopen soon
  • Parks initially will be open only to state residents amid safety precautions

LOS ANGELES: California health officials on Friday gave Walt Disney Co.’s Disneyland and other theme parks the go-ahead to reopen at limited capacity from April 1, after a closure of almost a year due to the coronavirus disease (COVID-19) pandemic.

Capacity will be limited to between 15 percent and 35 percent, the California Department of Health said in an update. Masks and other safety measures will be required and the parks initially will be open only to state residents.

Outdoor stadiums and ball parks will also be allowed to reopen at reduced capacity, starting April 1.

Ken Potrock, president of the Disneyland Resort, said in a statement that the decision meant “getting thousands of people back to work and greatly helping neighboring businesses and our entire community.”

“With responsible Disney safety protocols already implemented around the world, we can’t wait to welcome our guests back,” Potrock said.

He did not give a date for the reopening of Disneyland in the southern California city of Anaheim.

Disney shares were trading at $195.10 after hours, after closing at $189.99.

Disney in September said it was furloughing some 28,000 workers, mostly across its US theme parks in California and Florida. Walt Disney World in Florida reopened in July last year, with limited capacity.

Friday’s announcement follows a decline in coronavirus disease (COVID-19) cases in California and the rollout of vaccines. A parking lot at Disneyland is currently being used as a mass vaccination site.

Theme parks like Disneyland, Universal Studios, Legoland and Knott’s Berry Farm protested strongly last October when California health officials ruled out any quick reopening of their attractions.

The California Attractions and Parks Association called Friday’s announcement “encouraging news.”

“Parks now have a framework to safely and responsibly reopen ... putting people safely back to work and reinvigorating local economies,” the association said in a statement.


Oilfields Supply Center to invest $570m in new facility at Saudi energy park

Oilfields Supply Center to invest $570m in new facility at Saudi energy park
Updated 19 April 2021

Oilfields Supply Center to invest $570m in new facility at Saudi energy park

Oilfields Supply Center to invest $570m in new facility at Saudi energy park
  • The OSC base will contribute to Saudi Arabia’s Vision 2030 efforts to localize more of the energy supply chain

RIYADH: Oilfields Supply Center Limited (OSC) is to invest $570 million building a center at the King Salman Energy Park (SPARK).

The OSC base, measuring 1 million square meters and including multiple areas and zones, will contribute to Saudi Arabia’s Vision 2030 efforts to localize more of the energy supply chain.

“OSC is providing pre-built industrial solutions which de-risk the set-up phase for investors and give them flexibility to rent industrial facilities and workshops on demand, in addition to providing a full set of supporting services,” Dr. Mohammad Yahya Al-Qahtani, chairman of the SPARK board of directors, said in a press statement on Monday. “The base is expected to create thousands of jobs in the energy fields.” 

Iqbal Mohammad Abedin, OSC’s director and corporate affairs general manager, said all phases of work on the site were due to be completed by the fourth quarter of 2023. 

Dr. Mohammad Yahya Al-Qahtani

“The creation of an oil and gas supply base on site at SPARK, the region’s only fully integrated energy hub, is another example of how the project complements Aramco’s In-Kingdom Total Value Add Program, which encourages the development of a diverse, sustainable and globally competitive energy sector in the Kingdom,” Abedin said. 

SPARK will be built in three phases. Last month, it announced that 80 percent of the infrastructure work for phase one had been completed, with the remaining 20 percent due to be finished this year. 

The first phase’s near-completion means the allotted land is ready for investment, and 35 investment applications have been approved for companies and their support services. Contracts have already been signed with 23 other companies, the company said in March.

Two strategic agreements have also been signed with the Industrialization and Energy Services Co. (TAQA) and the Arab Minerals Co. (AMCO).

Under the agreement, TAQA is seeking to expand its local operations through the TAQA Industrial Complex, with an initial investment of up to SR300 million ($80 million). AMCO is investing SR260 million to develop a new center in the city.

SPARK is being built on an area of 50 square kilometers. Phase one will be 14 square kilometers, in addition to a dedicated logistics zone and dry port.

OSC is owned by the Dubai government and was established in the early 1960s.


UAE’s Emaar Entertainment in $270m plan to expand cinema brand in KSA

UAE’s Emaar Entertainment in $270m plan to expand cinema brand in KSA
Updated 19 April 2021

UAE’s Emaar Entertainment in $270m plan to expand cinema brand in KSA

UAE’s Emaar Entertainment in $270m plan to expand cinema brand in KSA
  • The partners plan to invest about SR1 billion ($270 million) launching Reel Cinemas in Saudi Arabia over the next five years
  • The first outlet will be launched in Riyadh in December

RIYADH: UAE-based Emaar Entertainment, a unit of the developer behind Dubai Mall and Burj Khalifa, has entered into a partnership with Saudi Arabia’s GOSI Investment Ventures to expand its Reel Cinemas chain into the Kingdom.

“The partnership plans an aggressive expansion into the Kingdom’s entertainment market, which means reaching cinema fans no matter where they are in Saudi Arabia,” the companies said in a statement on Monday.

“Within the next five years, audiences can look forward to twenty new venues which will include both cinemas and family entertainment centres across the Kingdom.”

The partners plan to invest about SR1 billion ($270 million) launching Reel Cinemas in Saudi Arabia over the next five years. The first outlet will be launched in Riyadh in December.

The announcement comes just days after the third anniversary of the reopening of cinemas in the Kingdom.

The first cinema was opened in Riyadh on April 18, 2018, and the most recent opened last week in Hail with 10 screens and 1,309 seats, the Saudi Press Agency (SPA) reported.

During the past three years, 34 cinemas were opened in 12 Saudi cities. Eleven companies have opened 342 screens with more than 35,000 seats, with another 70 cinema outlets expected to open in the short term.

The SPA said around 12 million cinema tickets were sold in those three years, and the sector has created around 2,500 direct jobs.

Saudi Arabia’s first home-grown cinema chain, MUVI Cinemas, earlier this month announced a SR820 million expansion plan.

It intends to grow to 307 screens nationwide over the next 12 months, launching 23 new sites and adding 204 screens.

The expansion will initially see nine new sites in Riyadh, seven in Jeddah, and two each in Taif, Alkhobar, Khamis Mushait and Al-Kharj. Buraidah and Uniazah will soon welcome their first-ever MUVI locations.

MUVI CEO Sultan Alhokair said the company’s plan for 2021 “far exceeds” its original goals for the year.

“After seeing the potential opportunities across the Kingdom, and in light of the strong box office growth and market share obtained, we’re now confidently in a position to inaugurate 23 new locations — all of which will feature the world’s most cutting-edge cinema technologies,” he added.


Abu Dhabi’s G42 forms big data JV with Israeli defense company Rafael

Abu Dhabi’s G42 forms big data JV with Israeli defense company Rafael
Updated 19 April 2021

Abu Dhabi’s G42 forms big data JV with Israeli defense company Rafael

Abu Dhabi’s G42 forms big data JV with Israeli defense company Rafael
  • The joint venture will have a research and development site in Israel and will develop products for sectors including banking, health care and public safety

DUBAI: Abu Dhabi-based technology company Group 42 (G42) has formed a joint venture with Israel’s state-owned Rafael Advanced Defense Systems to commercialize artificial intelligence and big data technologies, the companies said on Monday.
The joint venture, called Presight.AI, will have a research and development site in Israel and will develop products for sectors including banking, health care and public safety, to be sold in Israel, the United Arab Emirates and internationally.
Israel and the UAE agreed to normalize relations in August, triggering a number of announcements from businesses stating their intention to cooperate across the two countries.
UAE Ambassador to Israel Mohamad Al-KHajja said the joint venture strengthened the relationship between Israel and the UAE and opportunities for bilateral economic growth.
G42 is an Abu Dhabi-based artificial intelligence and cloud computing company set up in 2018 which works with government and private clients. In September it became the first UAE company to open an international office in Israel.
UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan is its chairman and a shareholder. Abu Dhabi’s sovereign fund Mubadala in November invested in G42 and last week US private-equity firm Silver Lake invested to help the company expand.
G42 rose to prominence last year as it led Phase III clinical trials of a vaccine developed by Sinopharm’s China National Biotec Group (CNBG) in the UAE and regional countries, as well as offering medical diagnostic services.
The joint venture agreement is subject to regulatory approvals by Israeli and UAE authorities.


More than 1,000 Saudi businesses benefit from $586.5m in Monshaat funding

More than 1,000 Saudi businesses benefit from $586.5m in Monshaat funding
Updated 19 April 2021

More than 1,000 Saudi businesses benefit from $586.5m in Monshaat funding

More than 1,000 Saudi businesses benefit from $586.5m in Monshaat funding
  • Overall, the ‘Kafalah’ program has provided more than SR14.407 billion in 8,718 guarantees

RIYADH: The General Authority for Small and Medium Enterprises (Monshaat) has financed 1,130 SMEs with about SR2.2 billion ($586.5 million) over 15 months through the end of March 2021.
Overall, the ‘Kafalah’ program has provided more than SR14.407 billion in 8,718 guarantees, Monshaat told the Al-Eqtisadiah newspaper.
The Kafalah program was founded in 2006 as a joint initiative between the Kingdom’s ministry of finance and Saudi commercial banks to help overcome SME financing constraints.
Monshaat said that financing could reach a maximum of SR7.5 million and there is no minimal range for applicants.
Enterprise Support Centers also offer a package of programs to develop small and medium enterprises and entrepreneurs, the Authority added.
Support is also offered in the form of training and networking with other companies operating in a similar field.

 


PIF-backed Noon signs deal with UAE emirate to support small businesses

PIF-backed Noon signs deal with UAE emirate to support small businesses
Updated 19 April 2021

PIF-backed Noon signs deal with UAE emirate to support small businesses

PIF-backed Noon signs deal with UAE emirate to support small businesses
  • SMEs in Ajman will be able to promote and sell their products through the e-commerce’s company’s “Noon Mahali” platform

DUBAI: The UAE emirate of Ajman has struck a deal with online retailer Noon to support the growth of small businesses.
It will help members of the emirate’s Tazz program for small and medium-sized enterprises, as well companies that are signed up to the Riyada program for small business owners and e-commerce license holders.
“Through this cooperation, we aim to inspire innovation, encourage local entrepreneurs and assist in the SMEs’ digital transformation in the emirate,” Abdulla Bin Nassir Al-Nuaimi, Ajman DED’s director of planning and development, said.
SMEs in Ajman will be able to promote and sell their products through the e-commerce’s company’s “Noon Mahali” platform, which is specifically designed for them.
There will also be training sessions and other activities to guide sellers in making the most of Noon’s platform.
Al-Nuaimi said the private sector “has become a major partner and supporter of the government sector” in strengthening local businesses.
The move follows the UAE’s wider push to revitalize its SME scene as the country diversifies its income sources and encourage more economic activity amid a pandemic-induced slowdown.