Thursday 4 March 2021

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PREPARATORY WORKS CONTRACT
Saudi Entertainment Ventures awards leisure complex work

Saudi Real Estate Company (Al Akaria) said its infrastructure arm, Binyah, has secured a contract from Saudi Entertainment Ventures Company (Seven) to carry out the preparatory work of its ambitious leisure complex project, located near capital Riyadh.

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1

BOOST FOR RENEWABLES
Total, Zahid form solar energy JV in Saudi Arabia

Jeddah-headquartered Zahid Group, represented by Altaaqa Alternative Solutions and the French energy company Total have announced the establishment of a joint venture named Safeer – Saudi French for Energy Efficiency and Renewables.

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2

COVID CRISIS BITES
Emaar Properties to take over malls business in $6.5bn deal

Emaar Properties is set to take over its malls unit amid the ongoing crisis due to Covid-19. The developer, which already owns 85 per cent of Emaar Malls, has proposed 0.51 share for each share, valuing the business at AED24 billion ($6.5 billion).

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3

ANALYSIS
Future-ready adoption ‘could unlock $5.4trn in growth’

The pandemic-driven acceleration of digital adoption and the resulting new agile ways of operating could unlock $5.4 trillion in profitable growth if applied broadly, according to a new report by global professional services firm Accenture.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Bahrain's key wastewater plant expansion on track

Bahrain authorities said expansion work on the Phase Four of the wastewater treatment plant at Tubli area of the kingdom is progressing as per schedule and on completion, will be able to handle a full average flow capacity of 400,000 cu m per day.

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Retail & Wholesale

Saudi groups Alhokair, ACC to buy 51pc stake in Vogacloset

Saudi franchise retailer Alhokair said it has partnered with Arabian Centres Company (ACC), a leading developer of lifestyle shopping centres in the kingdom, to jointly acquire a 51 per cent stake in Vogacloset, a UK-based online fast fashion platform.

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Energy, Oil & Gas

Omega, Wellpro Group seal strategic alliance for Mena region

Downhole technology developer Omega Well Intervention has announced a strategic alliance with Wellpro Group, a global well intervention company with a major presence in Saudi Arabia and UAE, to deliver downhole tools to the Mena market.

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Finance & Capital Market

GII acquires $300 million office tower in Paris

Gulf Islamic Investments (GII), a leading Shari’ah-compliant global financial services firm, said that it has acquired Altaïs Towers, a fully restructured commercial property in East Paris, for approximately $300 million.

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Analysis, Interviews, Opinions

Economic recovery drives rise in CO2 emissions: IEA

Global energy-related CO2 emissions were 2% higher in December 2020 than in the same month a year earlier, driven by economic recovery and a lack of clean energy policies, according to new data released by the International Energy Agency (IEA).

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Industry, Logistics & Shipping

Tabreed, IFC to set up district cooling JV in Singapore

UAE-based Tabreed and International Finance Corporation (IFC), a member of World Bank Group, are set to establish a district energy investment platform in Singapore that will invest in district cooling, trigeneration and cooling as a service offering.

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Travel, Tourism & Hospitality

Dubai cancels permits for Ramadan tents in 2021

The Islamic Affairs and Charitable Activities Department (IACAD) said that all annual Ramadan tent permits in Dubai will be cancelled this year in compliance with government precautionary and preventive measures to stem the spread of Covid-19.

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IT & Telecommunications

Tencent Cloud deploys Internet Data Centre hub in Bahrain

Tencent Cloud, the cloud business of Tencent, will collaborate with the Bahrain Economic Development Board (EDB) to capitalise on Bahrain’s position as a regional cloud services hub and deploy its first public cloud infrastructure in the MENA region.

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Lifestyle

Toyota breaks ground on new hitech Woven City

Toyota Motor has joined hands with its group company responsible for a wide range of mobility development projects anchored in software, Woven Planet Holdings, to break ground on its new hitech development, Woven City, in the Japanese city of Susono.

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Motoring

Dubai set to get Blacklane chauffeur hailing service

Blacklane, a global chauffeur service, will start its novel chauffeur hailing in 21 cities across 11 countries this month with the New York launch first, and beginning in London and Dubai today (March 2).

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Media & Promotion

World's largest stadium with over 132,000 seats opens in India

India has officially opened the world's largest cricket stadium that can accommodate an awe-inspiring 132,000 spectators. A state-of-the-art facility, the Narendra Modi stadium has been built at a cost of $800 million in the western state of Gujarat.

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Education, HR & Training

EmiratesGBC, Saint-Gobain study puts spotlight on schools' IEQ

A recent study by Emirates Green Building Council and Saint-Gobain, a global leader in construction market, highlighted the need to boost schools’ indoor environment by not only focusing on air quality but key factors like lighting and acoustics as well.

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Miscellaneous

Roka set to open doors in Riyadh

Roka, a leader in robatayaki cuisine, is set to open its doors this summer in the Kingdom of Saudi Arabia. Roka Riyadh will be one of the first key international brands set to enter the up-and-coming F&B scene in Saudi Arabia.

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