Plan approved to sell collapsed condo property to UAE outfit

Plan approved to sell collapsed condo property to UAE outfit
The collapse of the condo building killed 98 people. (Reuters)
Short Url
Updated 02 October 2021

Plan approved to sell collapsed condo property to UAE outfit

Plan approved to sell collapsed condo property to UAE outfit
  • The oceanfront property would be purchased for $120 million in cash by East Oceanside Development

ORLANDO: A plan to possibly sell the South Florida property where the collapse of a condo building killed 98 people to a United Arab Emirates-based developer was endorsed Thursday by a Florida judge.
Under the plan, the almost 2-acre (0.8-hectare), oceanfront property would be purchased for $120 million in cash by East Oceanside Development. At the same time, an attorney appointed to manage the interests of Champlain Towers South will continue to market the Surfside property, and an auction will be held if competitive bidders emerge willing to pay a higher price.
Miami-Dade Circuit Court Judge Michael Hanzman said during a court hearing that he would approve the plan, provided his court maintained jurisdiction over any lawsuits that come out of the proposed sale. He said he didn’t want the property “tied up in litigation” if the contract falls apart.
The proposed sales contract makes no mention of a memorial that many family members of survivors are pushing for at the property.
The collapse of the 12-story condominium last June is being examined by federal investigators, but homeowner association documents show that the building had many unaddressed repairs for years.
An appraiser has valued all the units of the building at more than $95 million, according to Michael Goldberg, the lawyer handling the interests of Champlain Towers South. Almost $50 million will be coming from insurance coverage.
The valuation of the the condos came from “a fair market appraisal” of what they would have sold for the day before the collapse and used comparisons from other, similar properties, Goldberg said.
The judge told the condo owners that they would be able to review the appraisal of their units and he would listen to their concerns, but he still expected many of them would feel their units were being undervalued.
“It’s a science, not an art,” Hanzman said. “It’s going to be one of those incidents when the perfect is going to have to be sacrificed for the greater good.”
Plus, the judge said, if the amount of damage to the building had been known publicly before the collapse, “the units probably couldn’t be sold.”
The judge also asked attorneys in the case to research how any excess between the $95 million appraisal value and a sale valued at $120 million or higher should be distributed. Without yet making a decision, Hanzman said he was inclined toward giving the additional money to the relatives of the 98 people who died in the building collapse.
He urged family members of the deceased and surviving owners not to fight over how proceeds are distributed.
“We have 98 people who perished in this. If the choice I have is to give unit owners more, or take the excess and give it to relatives of family members who died, I’m going to go with the latter,” Hanzman said. “These decisions are difficult. It’s going to be sad, in my view, if we see unit owners going up against each other on this issue.”


TRSDC reveals plans for state-of-the-art Marine Life Institute

TRSDC reveals plans for state-of-the-art Marine Life Institute
Updated 13 sec ago

TRSDC reveals plans for state-of-the-art Marine Life Institute

TRSDC reveals plans for state-of-the-art Marine Life Institute

The Red Sea Development Co has disclosed its design plans for the state-of-the-art Marine Life Institute.

The 10,340 square meter institute is set to boost conservation-driven research, in addition to attracting tourists and marine-lovers from all over the world.

Located in the Triple Bay Marina at AMAALA, the three-story structure will be designed to imitate coral formations and reef patterns, integrating nature within its architecture.

Moreover, the one-of-its-kind project will enhance sustainable and innovative methods to reduce water wastage, pollution, and prevent erosion.

The Red Sea Marine life institute will hold a capacity of 650 guests at once, starting their magical journey with a "Grand Reveal" of the world’s largest man-made reefs.

Moving on, the guests will be taken on a plethora of activities—walking through underwater paths, snorkeling with rare species,exploring research labs,  and diving the depth of the Red Sea in a submarine.

“The Red Sea Marine Life Institute will take guests on a vibrant, educational, and awe-inspiring journey that unveils the natural wonders of the Red Sea and blurs the boundaries between the institute and the ocean,” stated Gerard Evenden, Head of Studio at Foster + Partners, the architectural design firm working on the project.

 “With 10 zones that provide everything from augmented reality experiences to night diving, and spaces for the scientific community to effectively progress their environmental projects, the Red Sea Marine Life Institute is undeniably unique,” said John Pagano, Group CEO of TRSDC.


Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report

Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report
Updated 11 min 5 sec ago

Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report

Saudi Arabia leading G20 nations in tourist inflow numbers for 2022: WTO report

RIYADH: Saudi Arabia has topped the G20 countries for the flow rating of international tourists in the first seven months of 2022, according to a report released by the World Tourism Organization.

The report, released during the G20 tourism ministers’ meeting held in Bali, Indonesia, did not detail the exact number of travelers who visited the Kingdom, but claimed the sector saw a growth rate of 121 percent in the first half of 2022.

During the event Saudi Arabia’s tourism minister Ahmed Al-Khateeb said the surge in tourist inflow aligns with the Kingdom’s economic diversification policies and aims to increase tourism’s contribution to the country’s gross domestic product, as outlined in Vision 2030, the Saudi Press Agency reported.

Calling Saudi Arabia one of the fastest growing markets for tourism, Al-Khateeb said the Kingdom’s tourism sector is accelerating at a rate of 14 percent compared to the pre-coronavirus pandemic period. 

The tourism minister stressed that G20 countries need to collaboratively work together to build a more resilient and sustainable future for the sector.

According to Al-Khateeb, collective action is necessary to revive the tourism sector which has been negatively impacted due to the outbreak of the pandemic.

He also stressed the necessity of partnerships between the public and private sectors and multilateral cooperation in order to shape an efficient tourism sector for the future.

“Collaboration is key as we strive to secure a more resilient and sustainable future,” Al-Khateeb said.

He added: “Let us continue working together across sectors to drive our continued growth. Let us continue to support one another to take collective action to shape a more resilient sector and let us build sustainability into the core of every decision we make.”

Earlier in June, Al-Khateeb said that Saudi Arabia has allocated $100 million to provide training for 100,000 people to work in the tourism and sustainability sector.

He added that 90 hotels were launched in the Kingdom as a part of its tourism strategy, and more hotels will be opened soon, with 70 percent being funded by the private sector.

Al-Khateeb, in June, told AFP that the Kingdom is hoping to attract 12 million foreign visitors in 2022, up from the 4 million tourists who visited Saudi Arabia in 2021.

“Saudi Arabia will change the tourism landscape globally. The destinations that Saudi will offer by 2030, it’s something completely different,” he said.


OPEC+ supply cut essential to buoy oil prices, UBS says

OPEC+ supply cut essential to buoy oil prices, UBS says
Updated 27 September 2022

OPEC+ supply cut essential to buoy oil prices, UBS says

OPEC+ supply cut essential to buoy oil prices, UBS says

RIYADH: An oil production cut by the Organization of the Petroleum Exporting Countries and allies is vital to break the negative momentum in prices amid recession fears and a stronger dollar, analysts at UBS said on Tuesday.

“A lack of action by the group to remove barrels from the market is likely to spur further downside pressure on oil prices,” UBS said in a note.

“The group has to announce a production cut of at least 0.5 million barrels per day over the coming days.”

The Organization of the Petroleum Exporting Countries, Russia and other producers known as OPEC+, is scheduled to meet next on Oct. 5.

Crude is falling on fears that a recession will lead to weaker demand and a better supplied oil market, UBS said, adding that the broader risk-off environment caused by aggressive monetary policy tightening in the US and Europe was also weighing on prices.

Oil prices on rose more than 1 percent on Tuesday, after plunging to nine-month lows a day earlier, amid indications that producer alliance OPEC+ may enact output cuts to avoid a further collapse in prices. 


Saudi Islamic finance firm Nayifat appoints new CEO

Saudi Islamic finance firm Nayifat appoints new CEO
Updated 27 September 2022

Saudi Islamic finance firm Nayifat appoints new CEO

Saudi Islamic finance firm Nayifat appoints new CEO

RIYADH: Nayifat Finance co. has named Bandar Al-Baiz as CEO and managing director of the company following a formal approval by its board, a bourse filing shows.

This follows the resignation of CEO Abdulmohsen Musaed Al-Sowailem in May and the appointment of Chan Kok Veng as its acting chief in June.

The Islamic finance firm has also announced the appointment of Saleh Al Omair as a chairman and Abdulmohsen Al-Saleh as a vice chairman.

The firm’s shares increased 0.17 percent to SR22.98 ($6), as of 10:08 a.m. Saudi time.


TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell
Updated 27 September 2022

TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell

RIYADH: Saudi Arabia’s main index gained momentum after dropping below 11,000 points on Monday on fears of a global recession sparked by aggressive monetary tightening around the world.

The Tadawul All Share Index gained 1.04 percent to reach 11,022 in early trade on Tuesday, while the parallel market Nomu started almost flat at 19,723, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.29 percent gain, while Rabigh Refining and Petrochemical Co. added 1.05 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s most valued bank Al Rajhi rose 1.15 percent, while Alinma Bank gained 0.58 percent.

Anaam International Holding Group continued to lead the gainers since yesterday’s trading session with a 6.83 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

Abdulmohsen Alhokair Group for Tourism and Development rose 4.52 percent after signing two contracts totaling SR94 million with a company specializing in establishing and operating international brands.

Saudi Paper Manufacturing Co. gained 1.38 percent, after it invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Market Authority.

Nayifat Finance Co. added 0.17 percent, after it named Bandar Al-Baiz as managing director and CEO, as well as Saleh Al Omair as chairman and Abdulmohsen Al-Saleh as vice chairman.