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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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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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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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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.
Top Trade News
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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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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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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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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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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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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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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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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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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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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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Efficacy of diabetes drug on weight loss is game-changing: expert
More than 800 million people worldwide who have obesity could potentially benefit from a hormone-mimicking medication typically used to treat diabetes.
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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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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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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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