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.


Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex

Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex
Updated 19 August 2022

Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex

Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex
  • Facility will offer 86 leasable units in bid to attract SMEs, startups

DUBAI: Mohammed Bin Rashid Aerospace Hub at Dubai South announced that its Suppliers Complex, the first vertical aerospace facility in the region, will be completed in September, Emirates News Agency reported.

The facility is seeking to attract SMEs and startups by providing solutions for multipurpose activities.

The Suppliers Complex is a G+3 development with more than 12,000 square meters of light industrial space, allowing aerospace companies to quickly establish operations.

The facility has 86 leasable units for companies that provide maintenance services, trade aircraft parts, and operate aircraft as well as drones.

“The new facility is in line with our mandate to provide the aviation industry with the required infrastructure and facilities to set up their businesses as part of the overall ecosystem that we have at MBRAH,” MBRAH CEO Tahnoon Saif said.

“We are also offering exclusive incentives to companies, mainly startups and SMEs, and we will spare no effort to cement Dubai’s position on the world aviation map,” Saif added.

MBRAH is a free-zone destination for the world’s leading airlines, private jet companies and associated industries. The hub provides high-level connectivity to global aerospace players.

Home to maintenance centers as well as training and education campuses, MBRAH aims to strengthen Dubai’s engineering industry and realize the emirate’s vision of becoming a leading aviation hub.

 


Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit
(Getty)
Updated 19 August 2022

Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit

RIYADH: Qatar witnessed a 12-fold jump in its budget surplus to 47.3 billion riyals ($12.8 billion) in the first half of 2022, compared to 4 billion riyals in the same period last year, driven by soaring energy revenues.

Oil and gas revenue surged 58 percent to 150.7 billion riyals during the period, recompensating the increased government spending on wages and salaries, Bloomberg reported citing data.

Qatar revenues are mainly generated by long-term contracts to supply liquefied natural gas, typically tied to the price of oil. 

The Gulf country is benefiting from Europe’s interest in diversifying its gas supply away from Russia in the long-term. Qatar tries to tie up buyers for new LNG contracts for very long period, Bloomberg said.

The International Monetary Fund projected the country’s economy will grow 5.4 percent this year and generate a surplus equivalent to about $45 billion. 

Qatar is preparing to host this year’s soccer World Cup.

The World Cup organizers have said they’re anticipating a $17 billion boost to the country from hosting the soccer tournament.


Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price
(Shutterstock)
Updated 19 August 2022

Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price

RIYADH: Abu Dhabi sovereign wealth fund is exploring the sale of the Miami Beach Edition Hotel in which the property could fetch more than $580 million, as it is seeking to more than double its money.

This deal would mark a record on a price-per-room basis for the Miami market, Bloomberg reported citing people familiar with the matter.

Abu Dhabi Investment Authority, also known as ADIA, acquired the Edition for $230 million in 2015 from Marriott International. 

The hotel has 294 rooms and suites including oceanfront bungalows, and restaurants designed by Jean-Georges Vongerichten, according to its website.

ADIA is working on exploring the interest of potential buyers with an adviser, one of the people said, asking to be anonymous. ADIA spokesman declined to comment to Bloomberg. 


Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field
Updated 19 August 2022

Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field

JEDDAH: Saudi Arabia’s Ministry of Energy signed a memorandum of understanding with its Uzbek counterpart on August 18, to develop cooperation and exchange information and experiences between both countries, in the energy field, Saudi Press Agency reported.

This comes on the second day of the Saudi-Uzbek Business Council in Jeddah, that was held on the sidelines of the visit of the Uzbek President Shavkat Mirziyoyev to the Kingdom.

This deal covers the areas of petroleum, gas, electricity, renewable energy, energy efficiency, petrochemicals, and hydrogen.

It also includes the circular carbon economy and its technologies with the aim of limiting the effects of climate change, such as carbon capture, reuse, transport and storage.

Saudi Arabia and Uzbekistan have already signed over 10 investment agreements, worth over SR45 billion ($12 billion), on Wednesday, covering different sectors.


IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation
Updated 19 August 2022

IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation

JEDDAH: Islamic Development Bank President Mohammed Al-Jasser met with Uzbekistan President Shavkat Mirziyoyev on August 18 to discuss strengthening cooperation between both parties, Saudi Press Agency reported.

A letter of intent was signed during the meeting to provide a framework for facilitating cooperation, promoting rapid processing and approval of projects and operations that are part of the work program of the IsDB Group for Uzbekistan in 2022.

The meeting comes on the second day of the Uzbek President's visit to the Kingdom.

Mirziyoyev stressed that his government has implemented comprehensive reforms with the aim of improving the business and investment environment, enhancing regional cooperation, improving the agricultural sector, and promoting innovation and entrepreneurship to reach the goal of achieving dignity for all people by 2026.

Both parties reviewed views on the National Development Strategy of Uzbekistan 2026, and agreed on the need to align the bank's country strategy with the national document, a task that will be worked on as a priority, according to Al-Jasser.

The two sides also emphasized the need to facilitate the joining of more co-financiers to participate in financing larger projects.