UAE’s TIME Hotels expansion plans to include new KSA hotels

UAE’s TIME Hotels expansion plans to include new KSA hotels
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UAE’s TIME Hotels expansion plans to include new KSA hotels
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UAE’s TIME Hotels expansion plans to include new KSA hotels
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Updated 09 May 2021

UAE’s TIME Hotels expansion plans to include new KSA hotels

UAE’s TIME Hotels expansion plans to include new KSA hotels
  • The company currently has one property in the Kingdom, in Dammam, but it will shortly take over the management of two boutique hotels in Riyadh

RIYADH: TIME Hotels is set to nearly double its portfolio of properties by 2025, including new hotels in Saudi Arabia.

The UAE-headquartered hospitality company and hotel operator will reveal its plans to open eight new properties across the Middle East and the Indian Ocean over the next 18 months.

Mohammed Awadalla, CEO, TIME Hotels, said in a press statement: “We currently have 14 properties consisting of 1,465 keys in operation across the UAE and wider GCC (Gulf Cooperation Council) with new additional properties opening this year in Dubai, Sharjah, Fujairah, Saudi Arabia and Egypt…Our goal is to expand our portfolio to 30 properties by 2025.”

The company currently has one property in the Kingdom, in Dammam, but it will shortly take over the management of two boutique hotels in Riyadh, the TIME Elite Suites in Al-Muruj and the TIME Express Olaya Hotel in the Saudi capital’s Olaya district.

It also plans to open three hotels in the UAE: the 91-key TIME Moonstone Hotel Apartments in Fujairah; the 99-key TIME Burj Al-Saadah Hotel Apartments in Sharjah; and the four-star, 232-room TIME Asma Hotel, in Al-Barsha, Dubai.

This year will also see the opening of its first two hotels in Egypt: the five-star TIME Coral Resort Nuweiba in the Red Sea resort of Nuweiba and the four-star TIME Marina Hotel & Conference Centre near Al-Alamein on the Mediterranean coast.

The brand is also venturing outside the GCC with the opening next year of the TIME Phoenix Hill, its debut on the Indian Ocean island of Mauritius.


Saudi National Development Fund targets infrastructure projects

Saudi National Development Fund targets infrastructure projects
Updated 15 June 2021

Saudi National Development Fund targets infrastructure projects

Saudi National Development Fund targets infrastructure projects
  • The capital of the new fund could "reach several billion royals"

RIYADH: The Saudi National Development Fund is preparing to launch a new fund targeting infrastructure projects in the Kingdom.
The capital of the new fund could "reach several billion royals", Asharq Business reported, citing unidentified sources.
Muhammad bin Mazyad Al-Tuwaijri, deputy chairman of the National Development Fund said in February that the Kingdom had started to work  on the launch of an infrastructure fund.
Saudi Arabia launched an ambitious SR12 trillion ($3.2 trillion) program in March to boost the role of the private sector in diversifying the economy.
Under the 'Shareek program', private sector businesses will be helped to invest SR5 trillion between now and 2030, along with SR3 trillion from the country's sovereign wealth fund, the Public Investment Fund (PIF), and SR4 trillion as part of a new national investment strategy.

 


Omani Octal said to weigh $800m majority stake sale

Omani Octal said to weigh $800m majority stake sale
Updated 15 June 2021

Omani Octal said to weigh $800m majority stake sale

Omani Octal said to weigh $800m majority stake sale
  • A sale could value Octal at about $800 million

RIYADH: Octal, an Omani plastics packaging manufacturer, is considering a majority stake sale, Bloomberg reported citing people familiar with the matter.
A sale could value Octal at about $800 million, one of the people said. The company is working with JPMorgan Chase & Co., the people said, asking not to be identified for information confidentiality.  
The Muscat-based company has already attracted strategic suitors in Asia and the US, they said.
Octal was founded in 2006 and produces plastic used to package food and consumer products. The company is present in Oman, Saudi Arabia and the US and ships its products to more than 75 countries, according to its website.
The potential sale would add to the $96 billion of deals targeting companies in the Middle East and Africa this year, according to data compiled by Bloomberg.


Egypt clothing exports hit by surging shipping costs

Egypt clothing exports hit by surging shipping costs
Updated 15 June 2021

Egypt clothing exports hit by surging shipping costs

Egypt clothing exports hit by surging shipping costs
  • Rising container costs are affecting both their imports of raw material as well as their export of finished garments according to Mohamed Kassem

RIYADH: Egyptian clothing manufacturers are being hammered by surging shipping costs.

Rising container costs are affecting both their imports of raw material as well as their export of finished garments according to Mohamed Kassem, a member of the Egyptian Exporters Association.

Fabrics from China account for most of the country’s clothing exports, he told Al Arabiya.
The cost of shipping a 40-feet container from Shanghai to an Egyptian port has rocketed to as much as $14,000 compared to $2,500 before the pandemic, he said.
That has led to increased competitive pressures for Egyptian textiles exporters from rivals in Asia.
He called on the state to intervene to help support the industry.


Indian shares close at record highs as pandemic curbs ease, cases fall

Indian shares close at record highs as pandemic curbs ease, cases fall
Updated 15 June 2021

Indian shares close at record highs as pandemic curbs ease, cases fall

Indian shares close at record highs as pandemic curbs ease, cases fall
  • Many Indian states eased coronavirus restrictions on Monday, including the national capital New Delhi, where authorities allowed shops and malls to open as the number of new cases dropped to the lowest in more than two months

BENGALURU: ndian shares ended at record highs on Tuesday, as declining COVID-19 infections prompted many states to re-open businesses, with a rally in broader markets also helping the sentiment.
The blue-chip NSE Nifty 50 index rose 0.36 percent to 15,869.25 and the benchmark S&P BSE Sensex climbed 0.42 percent to 52,773.05 at close.
Many Indian states eased coronavirus restrictions on Monday, including the national capital New Delhi, where authorities allowed shops and malls to open as the number of new cases dropped to the lowest in more than two months.
India on Tuesday reported 60,471 new infections, the lowest since March 31.
The sentiment also tracked global stocks that hit a record high, as investors bet likely “transitory” inflation pressures will restrain the US Federal Reserve from signalling a shift in policy settings.
Many investors expect the Fed to maintain its dovish stance at its two-day meeting starting on Tuesday. Some board members, however, have said the central bank should start discussing tapering its bond buying.
In Mumbai trading, financial stocks provided a boost to the Nifty 50, with ICICI Bank and HDFC Bank ending 1.6 percent and 0.7 percent higher, respectively.
The Nifty Bank Index and the Nifty Private Bank Index, which have so far gained more than 0.55 percent this week, were among the top performers across sub-indexes rising between 0.85 percent and 1.07 percent.
Software services firm Infosys rose 0.8 percent, lifting the Nifty IT index by 0.23 percent.
Shares of Future Retail closed 10 percent higher, after staying at those levels since early trade.


Abu Dhabi’s Eagle Hills ready to open biggest water park in Jordan

Abu Dhabi’s Eagle Hills ready to open biggest water park in Jordan
Updated 15 June 2021

Abu Dhabi’s Eagle Hills ready to open biggest water park in Jordan

Abu Dhabi’s Eagle Hills ready to open biggest water park in Jordan
  • It will open on July 3
  • The park was developed by Abu Dhabi-headquartered Eagle Hills, one of the largest developers in Jordan

DUBAI: The Saraya Aqaba Waterpark – billed as the biggest in Jordan – is opening its doors on July 3.
Located in the country’s only coastal city, Aqaba, the park spans an area of more than 28,500 square meters. It has rides, slides, as well as food and beverage stalls.
“At Saraya Aqaba Waterpark, guests from all around the world are in for an aquatic adventure like no other with slides, rides and experiences suitable for guests of all ages,” Chris Van Der Merwe, its general manager said in a statement.
The park was developed by Abu Dhabi-headquartered Eagle Hills, one of the largest developers in Jordan, and is operated by Abu Dhabi-based Farah Experience, which also handles Ferrari World Abu Dhabi.
Theme parks and other physical attractions have taken a hit when the pandemic forced countries to restrict people’s mobility, however some are now welcoming guests again as attractions make a gradual return.