Saudi Arabia’s Al-Ma’athar REIT to acquire UAE’s Burjeel hospital for $27.2m

Saudi Arabia’s Al-Ma’athar REIT to acquire UAE’s Burjeel hospital for $27.2m
The transaction is seen to boost the fund's portfolio (File/Supplied)
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Updated 14 October 2021

Saudi Arabia’s Al-Ma’athar REIT to acquire UAE’s Burjeel hospital for $27.2m

Saudi Arabia’s Al-Ma’athar REIT to acquire UAE’s Burjeel hospital for $27.2m
  • The buildup area spans 16,758 square meters with an annual rental value of 8 million dirhams

Saudi Arabia’s Al-Ma’athar REIT has signed an agreement to acquire the Burjeel hospital building in Sharjah, UAE, for 100 million dirhams ($27.2 million).

The non-binding agreement will expire on Dec. 12, the fund’s manager Osoul and Bakheet Investment, said in a bourse filing.

The buildup area spans 16,758 square meters with an annual rental value of 8 million dirhams. 

The transaction is seen to boost the fund's portfolio. 

 


Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise
Updated 18 sec ago

Saudi Cabinet signs off agreement with UK over energy expertise

Saudi Cabinet signs off agreement with UK over energy expertise

RIYADH: The Saudi Cabinet has approved a memorandum of understanding with the UK to share technical knowledge and expertise on energy.

The Cabinet is also discussing a draft MoU with its Finnish counterpart for further cooperation in the fields of information technology, communications, and digital economy.

Moreover, the Cabinet has transferred the licensing competence for the professions of industrial consultancy and mining consultancy from the Ministry of Commerce to the Ministry of Industry and Mineral Resources.


Metaverse to add $360bn to MENA’s GDP over the next decade

Metaverse to add $360bn to MENA’s GDP over the next decade
Updated 25 min 2 sec ago

Metaverse to add $360bn to MENA’s GDP over the next decade

Metaverse to add $360bn to MENA’s GDP over the next decade

RIYADH: Metaverse is predicted to add $360 billion to the economy in the Middle East, North Africa and Turkey over the next 10 years, an official for Meta, the parent company of Facebook, told Asharq Business.

The metaverse is an online world where users can play games, work, and study.

Globally, the metaverse is expected to add $3 trillion to the world’s economy over the next decade, according to Fares Akkad, regional director for Meta in MENA.

Speaking about Meta platforms, he said there are over 300 million users on Instagram, Facebook, and Whatsapp.

Meta is investing more than $1 billion in programs that support creators on these platforms and help them succeed, Akkad said.

 


TASI sees sixth session of gains: Closing bell

TASI sees sixth session of gains: Closing bell
Updated 31 min 56 sec ago

TASI sees sixth session of gains: Closing bell

TASI sees sixth session of gains: Closing bell

RIYADH: The Saudi main index closed on a positive note for the sixth trading session in a row as investors’ recession fears faded.

The Tadawul All Share Index ended 1.49 percent higher to reach 11,780; the parallel market Nomu edged 1.32 percent higher to 20,339.

Saudi oil giant Aramco ended with a 0.70 percent decline, while Rabigh Refining and Petrochemical Co. edged up 4.9 percent.

The Saudi National Bank, the Kingdom’s largest lender, fell 2.36 percent, while Saudi British Bank increased by 1.73 percent.

The Kingdom’s most valued bank Al Rajhi gained 1.81 percent, while Alinma Bank gained 1.05 percent.

Arabian Internet and Telecommunication Co., known as solutions by stc, gained 7.67 percent to lead the gainers, after it completed all necessary procedures to acquire a $158 million stake in Egypt's Giza Systems Co.

Gulf General Cooperative Insurance Co. declined 2.58 percent to lead the fallers, followed by Alamar Foods Co. which fell 1.45 percent.

Among the gainers, Arabian Pipes Co. increased 7.54 percent, while Jabal Omar Development Co. added 6.67 percent.


Saudi Arabia explores opportunities in South Africa to become global supplier of hydrogen

Saudi Arabia explores opportunities in South Africa to become global supplier of hydrogen
Updated 35 min 19 sec ago

Saudi Arabia explores opportunities in South Africa to become global supplier of hydrogen

Saudi Arabia explores opportunities in South Africa to become global supplier of hydrogen

RIYADH: Saudi Arabia is working to boost its mining sector by attracting investments, spreading digital and advanced technologies, and applying sustainable standards, said the Kingdom’s vice minister for mining affair at the Ministry of Industry and Mineral Resources.

Khalid Al-Mudaifer is heading a Saudi delegation in South Africa, where the Kingdom seeks to explore investment opportunities to become a global supplier of hydrogen and emerge as a hub for green mineral and highly competitive manufacturing.

The delegation, comprising Saudi investors, is visiting South African capital Pretoria to meet local investors, the Saudi Press Agency reported.

The report said the Kingdom has many opportunities for integration with South Africa since it is one of the biggest economies in the continent.

One of the reasons for cooperation with South Africa is its strategic location, serving as a gateway to the entire African continent, as well as a link between the East and the West, Al-Mudaifer told Argaam.

South Africa is the hub for West Africa and Sub-Saharan Africa and the site for the export and trade of the Kingdom’s minerals. It also has great experience in mining, tourism, and other sectors.

Al-Mudaifer emphasized that Saudi Basic Industries Corp. and Saudi Arabian Mining Co. have representative offices in South Africa, which presents numerous opportunities for Saudi companies there.

“We can cooperate with South Africa to serve the Kingdom’s mining sector,” the vice minister noted.

The Kingdom has 14 mining sites with quantities of copper and zinc that will be auctioned after Al-Khunayqiyah and Umm Al-Damar. It needs marketing campaigns worldwide to attract companies, he added.

There are several South African firms operating in the Kingdom, including ADL, the official said, adding that some agreements were signed at Indaba. In addition to signing pacts with South African firms, other deals will be signed to transfer business into the Kingdom during this visit.

 


Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 

Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 
Updated 48 min 2 sec ago

Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 

Mawani, Globe sign contract for integrated logistics zone at Jeddah Islamic Port 

RIYADH: The Saudi Ports Authority, Mawani, has inked a deal with Globe Group to establish a fully integrated logistics zone at Jeddah Islamic Port to enhance its competitive edge and support logistics-related companies on the ground.

This comes as a continuation of Mawani’s initiative to turn the Kingdom into a global logistics hub by creating such zones inside and outside ports.

Mawani said it aims to increase the contribution of the private sector to economic development and diversification in Jeddah Islamic Port, as well as provide and localize job opportunities in the logistics sector.

Jeddah Islamic Port is witnessing development operations aimed at improving its operational processes and increasing its capacity in an effort to make it among the top 10 ports in the world.

The port accounts for 75 percent of inbound maritime and transshipment trade in the Red Sea, making it the first re-export point in the region.

Recently, Mawani announced the signing of exceptional agreements to establish five promising logistic areas in Jeddah Islamic Port with an investment value of approximately SR2 billion ($532 million).

It also provides 6,000 direct and indirect job opportunities in the first phase, in an integrated partnership with local and international companies, including Maersk, CMA CGM, LogiPoint, DB World, Bahri.