Saudi companies sign agreement to develop largest mall in Makkah by 2026

Hamat Holding’s chairman Saleh Al-Habib (left) and Yasser Abu Atiq, CEO of Umm Al-Qura for Development and Construction, signing the agreement on Monday. (SPA)
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Hamat Holding’s chairman Saleh Al-Habib (left) and Yasser Abu Atiq, CEO of Umm Al-Qura for Development and Construction, signing the agreement on Monday. (SPA)
Work on the planned Masar Mall is set to be completed in 2026. (SPA)
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Work on the planned Masar Mall is set to be completed in 2026. (SPA)
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Updated 04 February 2022

Saudi companies sign agreement to develop largest mall in Makkah by 2026

Saudi companies sign agreement to develop largest mall in Makkah by 2026
  • The planned mall will be located at the western entrance of the Masar destination, opposite the Haramain train station

JEDDAH: Officials in Saudi Arabia have signed an agreement to develop and operate the largest mall in the holy city of Makkah, Saudi Press Agency reported on Monday.

The partnership agreement for the Masar Mall will involve Umm Al-Qura for Development and Construction Company, owner and executor of the project, and Hamat Holding.

Work is set to be completed in 2026 with an investment volume of SR2.7 billion ($719 million). 

The agreement, which was signed by Yasser Abu Atiq, CEO of Umm Al-Qura for Development and Construction, and Saleh Al-Habib, Hamat Holding’s chairman, provides for the development of the mall's facilities and amenities, creating many direct and indirect job opportunities.

The mall will be developed over a ​​71,000 square-meter area and will provide more than 130,000 square meters of shopping space.

The development is located at the western entrance of the Masar destination, a cultural project in the western part of Makkah, opposite the Haramain train station. It is also easily accessible through the Third Ring Road and King Abdul Aziz north and south roads.

The mall will feature “many specifications and advanced equipment, which reflect an exceptional value for investment, and establish unique horizons in the Kingdom’s shopping and entertainment industry,” the partnership statement said.

Masar will constitute a modern landmark with multiple capabilities and advantages, it added.

“It will contribute to enhancing the quality of life for the residents of Makkah and its guests, and will provide a diversified integrated system that attracts investment in a number of basic sectors, to make Makkah an attractive destination for long-term investment,” the statement said.                                                                                                                                                                                                                                      


Saudis reportedly in talks over stake in luxury car manufacturer Aston Martin

Saudis reportedly in talks over stake in luxury car manufacturer Aston Martin
Updated 12 sec ago

Saudis reportedly in talks over stake in luxury car manufacturer Aston Martin

Saudis reportedly in talks over stake in luxury car manufacturer Aston Martin
  • The Kingdom’s Public Investment Fund is said to be considering taking a $243.5m stake in the British company that make the vehicles favored by movie spy James Bond

LONDON: Saudi Arabia’s Public Investment Fund is reportedly in talks with Aston Martin over acquiring what the Financial Times newspaper said would be a $243.5 million stake in the luxury carmaker.

The British manufacturer refused to confirm or deny the reports but following the news on Thursday, a fall in the company’s share price was reduced to nine percent from a 20 percent drop earlier in the day.

Since its initial public offering in 2018, the carmaker — whose vehicles frequently appear in James Bond movies — has struggled, with the share price falling by nearly 68 percent this year alone.

In January, Aston Martin blamed lower-than-expected profits on delays in shipments of its limited edition Valkyrie sports car, but the company said on Thursday that production of the model has started to pick up pace.

In a further effort to reassure investors, it added that its management team, led by new boss Amedeo Felisa, is increasingly focusing on the launch of new models beginning in 2023.

Citing four sources said to be close to the PIF investment talks, the FT said Aston Martin is seeking to raise additional funding for its new range of cars. Autocar magazine reported that the manufacturer is also in talks with a US-based investment fund as it looks to raise capital.


Nearly 60% of Saudi, UAE businesses lack ESG framework, survey shows

Nearly 60% of Saudi, UAE businesses lack ESG framework, survey shows
Updated 30 June 2022

Nearly 60% of Saudi, UAE businesses lack ESG framework, survey shows

Nearly 60% of Saudi, UAE businesses lack ESG framework, survey shows

RIYADH: Nearly 60 percent of businesses in Saudi Arabia and the UAE do not have an environmental, social and governance framework, a survey by ASDA’A BCW’s unit showed. 

Conducted by PSB Middle East, the survey also revealed that around half of those who have an ESG framework, are not sure their employees fully understand it. 

The survey marked the launch of OnePoint5, its new ESG advisory dedicated to the Middle East and North Africa region.

Out of the 200 respondents interviewed, 41 percent said their business already had an ESG framework in place, while 33 percent said they were developing one, while 26 percent admitted their company had no ESG policy. 

Around 52 percent of the respondents said their company had introduced an ESG framework and they did not fully understand it, which shows the need for raising awareness of the benefits of ESG standards. 

The research indicated that the Middle East’s business community had work to do to meet the high expectations of their governments on sustainability, Sunil John, president MENA of BCW, said. 

 


Saudi Arabia’s Retal signs $91m deal with PIF-backed Roshn to purchase plots in SEDRA

Saudi Arabia’s Retal signs $91m deal with PIF-backed Roshn to purchase plots in SEDRA
Updated 30 June 2022

Saudi Arabia’s Retal signs $91m deal with PIF-backed Roshn to purchase plots in SEDRA

Saudi Arabia’s Retal signs $91m deal with PIF-backed Roshn to purchase plots in SEDRA

RIYADH: Saudi Arabia’s Retal Urban Development has signed a SR339 million ($90.5 million) deal with the Public Investment Fund-backed Roshn Real Estate to buy 372 plots within its integrated community SEDRA in Riyadh.

Saudi-listed Roshn said it plans to develop the land according to its guidelines for SEDRA, according to MEED. 

Located in the north of Riyadh, the project was launched last August by Roshn, with a plan to include 30,000 homes across eight phases. 

The agreement is expected to directly impact Retal’s financials between 2022 and 2024.


Saudi authority approves Tibbiyah’s 51% acquisition of UAE health company 

Saudi authority approves Tibbiyah’s 51% acquisition of UAE health company 
Updated 30 June 2022

Saudi authority approves Tibbiyah’s 51% acquisition of UAE health company 

Saudi authority approves Tibbiyah’s 51% acquisition of UAE health company 

RIYADH: Saudi-based Arabian International Healthcare Holding Co., known as Tibbiyah, has got the General Authority for Competition’s approval to acquire a 51 percent stake in UAE’s Innovative Healthcare Co.

Operating as a holding company, Tibbiyah, through its subsidiaries, offers medical systems, healthcare equipment, and medical supplies in the Kingdom. 

The authority also approved Growth Avenue Investment Co.’s acquisition of a 40 percent stake in Saudi Medical System.

Since the beginning of 2021, the authority has approved 101 acquisitions. 


Egypt In-Focus: Egypt to buy 815,000 tons of wheat; power interconnection project with KSA underway

Egypt In-Focus: Egypt to buy 815,000 tons of wheat; power interconnection project with KSA underway
Updated 30 June 2022

Egypt In-Focus: Egypt to buy 815,000 tons of wheat; power interconnection project with KSA underway

Egypt In-Focus: Egypt to buy 815,000 tons of wheat; power interconnection project with KSA underway

CAIRO: Egypt has contracted to buy the largest quantity of wheat in a tender in at least a decade, as it takes advantage of the recent price drop. Additionally, the World Bank has agreed to provide the North African country $500 million in development funds to boost food security.
Egypt has contracted to buy the largest quantity of wheat in a tender in at least a decade, as it takes advantage of the recent price drop, Bloomberg reported. 

The country’s General Authority for Supply Commodities bought 815,000 tons to bolster stockpiles as Russia’s invasion of Ukraine disrupted global supplies.

According to data compiled by Bloomberg, the order is considered the largest single purchase since at least 2012. 

Food security

The World Bank has agreed to provide Egypt with $500 million in development funds to boost food security.

Egypt-Saudi electrical interconnection

The minister of electricity and renewable energy has said work is currently in progress on the electrical interconnection project with Saudi Arabia to exchange 3,000 MW at a cost of $1.8 billion. 

Mohamed Shaker told Daily News Egypt that the project is set to be operational by 2026.