Al Mutlaq Group eyes further collaboration with TRSP

Al Mutlaq Group eyes further collaboration with TRSP
Abdullah Almazrou, CEO of Almutlaq Real Estate Investment Co., said that TRSP is training many Saudi Arabian talents. He made it clear that projects like TRSP are enriching the job opportunities in the Kingdom. (Supplied)
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Updated 02 August 2022

Al Mutlaq Group eyes further collaboration with TRSP

Al Mutlaq Group eyes further collaboration with TRSP
  • Group’s association with the project will enrich the hospitality sector in the Kingdom: CEO

RIYADH: Almutlaq Real Estate Investment Co., the real estate subsidiary of the Al Mutlaq Group, has strong confidence in The Red Sea Project as it eyes further collaboration with The Red Sea Development Co., said a top official.

In an exclusive interview with Arab News, Abdullah Almazrou, CEO of AREIC, said that the group’s association with TRSP would benefit the firm and enrich the hospitality sector in Saudi Arabia.

On July 3, AREIC signed a joint venture agreement worth SR1.5 billion ($400 million) with TRSDC. Under the agreement, the two companies will develop the Jumeirah Red Sea, a 159-key luxury resort situated on the Red Sea destination’s hub island, Shoura, currently under construction and expected to open in 2024. 




Abdullah Almazrou, CEO of Almutlaq Real Estate Investment Co., said that TRSP is training many Saudi Arabian talents. He made it clear that projects like TRSP are enriching the job opportunities in the Kingdom. (Supplied)

The strategic partnership also marked the first JV established by TRSDC.

“Our partnership with the Red Sea will not stop at that point. We have a strong belief in expanding more and more. I cannot be specific because our belief in such projects might go beyond expectations,” Almazrou told Arab News. 




Abdullah Almazrou

Almazrou also lauded Crown Prince Mohammed bin Salman for turning the Kingdom into an investment-friendly nation and added that the TRSP was finalized after a thorough analysis.

“We look at opportunities. The vision of our crown prince to select that particular place went through a lot of analysis. As we all know, our country is rich in opportunities, from geographical to the environment, to locations, to the economy and human capabilities,” he further said.

When asked about the timeline to make a profit from the AREIC’s project in TRSP, he said: “For such projects, it will take a certain time because it is not only our project, it is the entire Red Sea Project. So, our belief in the Red Sea management and the decision-making being taken to being considered, we are confident that such a project will benefit us.” 




Abdullah Almazrou, CEO of Almutlaq Real Estate Investment Co., said that TRSP is training many Saudi Arabian talents. He made it clear that projects like TRSP are enriching the job opportunities in the Kingdom. (Supplied)

After signing the JV agreement, John Pagano, Group CEO of TRSDC, said that the investment “reinforces the private sector’s alignment with our commitment to regenerative tourism and sustainable development.”

Almazrou talked about the progress of AREIC’s project construction in TRSP and said: “Now they are almost on the final stage of the infrastructure. And definitely, the next will be the building itself. We expect it to be completed by the second half of 2024.”

TRSP, currently in the first phase of development, will comprise 12 luxury, premium and lifestyle hotels and resorts, residential units, a championship golf course, a 118-berth marina, and total retail, dining, and entertainment offering.

FASTFACT

The CEO lauded Crown Prince Mohammed bin Salman for turning the Kingdom into an investment-friendly nation and said the TRSP was finalized after a thorough analysis.

During the interview, Almazrou noted that the real estate sector in the Kingdom has been growing very fast in the last two years.

“Huge investments are being made by international developers in the Kingdom. I don’t think these huge investments will be delivered without such strong belief and trust in our economy and future growth,” he added.  He further stated that Al Mutlaq Group has a portfolio of around 20 locations around the Kingdom, which includes a retail mall in the South of Riyadh. He noted that Al Mutlaq Group’s operations are diversified in the hospitality, retail, and housing sectors.

Almazrou also added that TRSP is training many Saudi Arabian talents. He made it clear that projects like TRSP are enriching the job opportunities in the Kingdom.

“We have a strong belief in the young Saudi generation who spend time on their education, from within the Kingdom or outside,” he noted.


Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 
Updated 2 min 28 sec ago

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

RIYADH: Standard Chartered Bank appointed on Friday Ayesha Abbas as Head of Consumer, Private and Business Banking in the UAE. 

Abbas will be responsible for executing the bank’s strategy and building the business in the retail banking business across the UAE, a statement showed.

She will also focus on growing the Bank’s digital offering, wealth management and affluent proposition in addition to strengthening client relationships. 

Abbas has over two decades of experience spanning wealth management, priority and consumer banking. 

She joined Standard Chartered in February 2019 serving as General Manager, Head of Priority and Premium Banking and Branch Network in the UAE, also covering Pakistan, Oman and key African markets. 

Prior to joining Standard Chartered, Abbas spent 18 years at HSBC, the statement said.


Oil dips as slowdown worries limit price gains

Oil dips as slowdown worries limit price gains
(Shutterstock)
Updated 19 August 2022

Oil dips as slowdown worries limit price gains

Oil dips as slowdown worries limit price gains
  • US crude stocks fall by 7.1 mln bbl, far more than expected
  • US oil refiners aim to run full-bore, spurning recession fears
  • OPEC chief says blame policymakers, lawmakers for price rises (Recasts, updates prices)

SINGAPORE: Oil prices dipped on Friday after two days of gain, as market participants weighed worries about global economic slowdown — that could dampen fuel demand — against expectations of tighter supplies toward year-end.

Brent crude futures fell 36 cents, or 0.4 percent, to $96.23 a barrel by 0309 GMT after settling 3.1 percent higher on Thursday. US West Texas Intermediate crude was at $90.29 a barrel, down 21 cents, or 0.2 percent, following a 2.7 percent increase in the previous session.

Still, the benchmark contracts were headed for weekly losses of about 1.5 percent.

While bullish US weekly data bolstered optimism for improved fuel demand for the near-term, lingering recession fears and a possible increase in output by OPEC+ will likely limit oil price’s upside, said Satoru Yoshida, a commodity analyst with Rakuten Securities.

US crude inventories fell sharply as the nation exported a record 5 million barrels of oil a day in the most recent week, with oil companies finding heavy demand from European nations looking to replace crude from warring Russia.

Keeping crude supplies snug, US oil refineries plan to keep running near full throttle this quarter, according to executives and estimates, as refiners set aside worries about recession and sliding retail prices to deliver more fuel.

The rise in US fuel production could partly offset lower oil products exports from China this year as Beijing prioritizes the local market to curb domestic fuel inflation.

On supplies, Haitham Al Ghais, new secretary general of the Organization of the Petroleum Exporting Countries, told Reuters that policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, not his group.

The group together with allies such as Russia, known as OPEC+, are due to meet on Sept. 5 to adjust production. OPEC is keen to ensure Russia remains part of the OPEC+ oil production deal after 2022, Al Ghais said.

In a sign of improving supplies, the price gap between prompt and second-month Brent futures narrowed about $5 a barrel from the end of July.

Record US crude exports, the resumption of Libya’s production and sustained exports from Russia and Iran have eased global supply tightness ahead of peak refinery maintenance.

Russia forecasts rising output and exports until the end of 2025, an economy ministry document seen by Reuters showed, saying revenue from energy exports will rise 38 percent this year, partly due to higher oil export volumes.

Iran, meanwhile, increased its oil exports in June and July and could raise them further this month by offering a deeper discount to Russian crude for its main buyer China, firms tracking the flows said. 


UK’s Liz Truss says defining mission will be reviving the economy

UK’s Liz Truss says defining mission will be reviving the economy
Updated 19 August 2022

UK’s Liz Truss says defining mission will be reviving the economy

UK’s Liz Truss says defining mission will be reviving the economy

LONDON: The frontrunner to be Britain’s next prime minister Liz Truss said her government’s defining mission would be to revive the economy as she set out a series of measures to help parts of northern England.
Britain’s economic performance has lagged behind those of the United States, Italy and France in recovering from the COVID-19 pandemic. The economy is expected to enter a long downturn at the end of the year amid surging inflation and rising interest rates.
“The defining mission of my government will be to get our economy growing again, cutting taxes to put more money into the pockets of hardworking people,” Truss said.
Outgoing Prime Minister Boris Johnson had said reducing regional economic inequality was his main goal. But public spending in the north of England fell behind the national average in the first two years of his government, research by the Institute for Public Policy Research has shown.
Truss said she was committed to the current government’s goal of reducing economic inequalities but would do so in a “Conservative way,” interpreted as meaning a focus on tax cuts and deregulation.
Speaking ahead of election hustings in Manchester in northern England on Friday, Truss pledged to provide more devolution, to ensure poorer areas receive the government funding they need, and to build two new vocational colleges in the north of England that will be “the vocational equivalent of Oxford and Cambridge,” dubbed “Voxbridge.”
Truss has portrayed herself as a radical insurgent who would overturn the current failed orthodoxy and has proposed to reverse more than £30 billion ($36 billion) of tax rises.


UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund

UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund
Updated 18 August 2022

UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund

UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund

RIYADH: G42, a UAE-based technology company, launched a $10 billion G42 Expansion Fund in partnership with the Abu Dhabi Growth Fund to invest in late-stage companies.

Managed by a G42 subsidiary, the fund will focus on growth companies in computing, communication technology, intelligent mobility, clean tech, digital infrastructure, fintech, healthcare, and life sciences, Wamda reported.

“With the G42 Expansion Fund, we aim to accelerate our global impact not only through the deployment of capital, but also by providing unique access to our networks, management, and operational assets to our portfolio companies,” Peng Xiao, group CEO at G42 and chairman of the G42 Expansion Fund’s Investment Committee, said in a statement.

 


Saudi-based fintech partners with SNB to support SMEs 


Saudi-based fintech partners with SNB to support SMEs 

Updated 18 August 2022

Saudi-based fintech partners with SNB to support SMEs 


Saudi-based fintech partners with SNB to support SMEs 


RIYADH: CASHIN, a Saudi-based fintech and point-of-sale provider, signed a partnership with the Saudi National Bank to support small and medium enterprises.

The partnership will facilitate management of transactions for business activities like receiving payments and sales with immediate bank settlements.

“We are proud to be an active element in the national transformation journey within the financial sector by providing innovative products in the field of fintech and information systems,” CASHIN CEO Omar Al-Ramah said in a statement.

Founded in 2021, CASHIN is providing its services to over 10,000 businesses in more than 30 sectors with transactions at around $800 million, MAGNiTT reported.