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Trump Organization announces deal to build Dubai tower

Trump Organization announces deal to build Dubai tower
The Trump Organization has teamed up with Saudi luxury international real estate developer Dar Global to build a Trump-branded tower in Dubai. (X/@dar_global)
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Updated 21 July 2024
AFP
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Trump Organization announces deal to build Dubai tower

Trump Organization announces deal to build Dubai tower
Updated 21 July 2024
AFP
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DUBAI: The Trump Organization on Thursday announced a deal to partner with a Saudi developer to build a high-rise tower in the UAE business hub of Dubai, its latest project in the Gulf.
Trump Tower Dubai will target “the Dubai luxury market,” real estate developer Dar Global said in a press release, adding that the location and design would be unveiled by the end of the year.
The development will include a Trump hotel and branded residential units, said Dar Global, the international subsidiary of Saudi developer Dar Al-Arkan.
The announcement came a little over two weeks after Dar Global announced a separate deal with the Trump Organization to build a high-rise tower in the Saudi coastal city of Jeddah.
It is also developing a Trump hotel and luxury villas in the capital of neighboring Oman, with completion expected in 2028, according to the firm’s website.
Former President Donald Trump entrusted the management of his real estate empire to his sons after taking office in 2017, although he held onto his shares in the Trump Organization.
His foreign business dealings prompted critics to sound the alarm about possible conflicts of interest, including in a 2022 Congressional report that found the foreign governments of six countries — the UAE among them — spent more than $750,000 at a Trump-owned hotel in Washington while trying to influence his administration in 2017 and 2018.
Trump, the presumptive Republican nominee in this year’s presidential election, cultivated close ties with Arab Gulf states during his term, choosing Saudi Arabia for his first foreign trip.
“We are proud to expand our presence in the region further through the launch of our iconic Trump Tower Dubai,” Eric Trump, the former president’s son and executive vice president of the Trump Organization, said in a statement.

Topics: main UAE Dubai real estate Dar Global Dar Al-Arkan

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UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation

UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation
Updated 18 November 2024
REEM WALID 
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UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation

UNCCD COP16: Saudi Arabia announces Green Zone to combat land degradation
Updated 18 November 2024
REEM WALID 

RIYADH: Saudi Arabia will host a special UN forum to combat desertification with the introduction of a dedicated Green Zone and thematic days for the first time in the event’s history. 

As part of its presidency of the UN Convention to Combat Desertification COP16, the Kingdom has announced a dedicated area focused on raising global awareness about land degradation, while enabling key decision-makers from scientific, non-governmental, political, business, and at-risk communities to find and fund lasting solutions. 

The Green Zone will host thematic days designed to rally action on critical issues, including agri-food systems and finance, during the conference set to take place from Dec. 2-13 at Boulevard Riyadh City. 

This initiative aligns with the Saudi Green Initiative target to turn 30 percent of the Kingdom’s land into nature reserves, plant 10 billion trees, and restore 40 million hectares of degraded land. 

“Land degradation, desertification and drought impact almost every corner of the planet, and every living being on it, from the species at risk of extinction to the lives and livelihoods impacted by severe drought,” said Osama Faqeeha, deputy minister for environment at the Ministry of Environment, Water and Agriculture, and adviser to the UNCCD COP16 Presidency. 

“Saudi Arabia will host the first-ever UNCCD COP16 Green Zone to mobilize the international community and maximize the opportunity during December’s conference of delivering lasting global change,” he added. 

There will also be a Blue Zone, which along with its green counterpart will feature seven thematic days designed to foster action and dialogue among key stakeholders. 

Land Day will focus on land restoration initiatives and nature-based solutions, while the Business for Land Forum will bring together international leaders to discuss the economic importance of sustainable land practices. 

Finance Day will address ways to close the financing gap in land degradation, along with a special ministerial dialogue and innovations in Sustainable Land Management financing. Governance Day will focus on improving women’s land rights and address policy issues surrounding land tenure and resource governance. 

Agri-Food Systems Day will spotlight food security, crop resilience, and sustainable farming. Resilience Day will explore water scarcity, drought resilience, and early warning systems for sand and dust storms. 

People’s Day will feature a youth caucus to engage young people, as 1 billion people under 25 in regions dependent on land and natural resources for jobs and livelihoods face significant challenges. 

 

Topics: UN Convention to Combat Desertification COP16

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Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 

Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 
Updated 18 November 2024
Nadin Hassan 
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Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 

Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization 
Updated 18 November 2024
Nadin Hassan 

RIYADH: Energy deals worth SR20 billion ($5.33 billion) have been signed between Alfanar Projects and Saudi Electricity Co. to advance the Kingdom’s power modernization and sustainability efforts. 

The agreements, announced during the Energy Localization Forum hosted by the Ministry of Energy, include the construction of the Middle East’s largest High-Voltage Direct Current Converter Station, according to a press release.  

This facility, developed in partnership with China Electric Power Equipment and Technology Co., will deliver 7 gigawatts of power between the Central, Western, and Southern regions. 

The deals also include projects for battery storage systems, smart distribution centers, and renewable energy integration, aimed at improving grid reliability and supporting Saudi Arabia’s Vision 2030 goals of energy self-sufficiency and sustainability. 

Saudi Arabia aims to get 50 percent of its power from renewable energy by 2030, with a total capacity of 130 GW. This includes 58.7 GW from solar and 40 GW from wind, making it the most ambitious renewable energy target in the Gulf Cooperation Council. 

Amer Al-Ajmi, executive vice president of sales and marketing at Alfanar Projects, said: “The confidence placed in us by the Ministry of Energy, through its representative, Saudi Electricity Co., affirms our commitment to deliver and execute transformative projects of this scale.”  

He added: “At Alfanar Projects, we combine our robust resources, technical expertise, and a highly skilled national workforce to create a sustainable energy infrastructure that supports the Kingdom’s self-sufficiency goals and strengthens its role as a leader in renewable energy.” 

The signing ceremony was attended by Saudi Energy Minister Prince Abdulaziz bin Salman, Minister of State Hamad bin Mohammed Al-Sheikh, and Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. 

Other key representatives included Khaled Al-Ghamdi, CEO of Saudi Electricity Co., and Sabah Al-Mutlaq, vice chairman of Alfanar Co. and managing director of Alfanar Projects, who represented both organizations. 

Alfanar Projects is a Saudi-based company developing sustainable energy projects that support economic growth and environmental goals in the Kingdom and beyond. 

Earlier this month, Saudi Electricity Co. reported a net profit of SR5.6 billion for the first nine months of 2024, up from SR 4.6 billion last year. The company’s power generation capacity grew by 1.4 percent, with its directly owned capacity rising to 56.9 GW. 

Topics: Alfanar Projects Saudi Electricity Co. (SEC)

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Closing Bell: Saudi benchmark index edges up to close at 11,830

Closing Bell: Saudi benchmark index edges up to close at 11,830
Updated 18 November 2024
Nour El-Shaeri
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Closing Bell: Saudi benchmark index edges up to close at 11,830

Closing Bell: Saudi benchmark index edges up to close at 11,830
Updated 18 November 2024
Nour El-Shaeri

RIYADH: Saudi Arabia’s Tadawul All Share Index rose by 0.16 percent or 18.40 points to reach 11,830.38 points on Monday.   

The total trading turnover of the benchmark index was SR5.4 billion ($1.46 billion), as 78 of the listed stocks advanced, while 151 retreated.   

The MSCI Tadawul Index increased by 1.22 points, or 0.08 percent, to close at 1,487.07.    

The Kingdom’s parallel market Nomu also increased, gaining 119 points, or 0.40 percent, to close at 29,596.35 points. This comes as 44 of the listed stocks advanced while as many as 34 retreated.   

The index’s top performer, the National Co. for Glass Industries, saw a 9.11 percent increase in its share price to close at SR53.90.   

Other top performers included Arriyadh Development Co., which saw a 5.76 percent increase to reach SR27.55, while Almasane Alkobra Mining Co.’s share price rose by 4.41 percent to SR68.70.  

The Power and Water Utility Co. for Jubail and Yanbu also recorded a positive trajectory, with share prices rising 3.26 percent to reach SR57. CATRION Catering Holding Co. also witnessed positive gains, with 3.20 percent reaching SR129.

East Pipes Integrated Co. for Industry was TASI’s worst performer, with the company’s share price dropping by 3.78 percent to SR137.40. 

Arabian Pipes Co. followed with a 3.68 percent drop to SR109.80. Alkhorayef Water and Power Technologies Co. also saw a notable drop of 3.31 percent to settle at SR140. 

Elm Co. and MBC Group Co. were among the top five poorest performers, with Elm Co.’s share declining by 3.24 percent to settle at SR1.127.60 and MBC Group’s falling by 3.18 percent to sit at SR44.15.

On Nomu, Shalfa Facilities Management Co. was the best performer, with its share price rising by 14.03 percent to reach SR95.90. 

Sure Global Tech Co. and Mohammed Hasan AlNaqool Sons Co. also delivered strong performances. Sure Global Tech Co. saw its share price rise by 13.24 percent, reaching SR83.80, while Mohammed Hasan AlNaqool Sons Co. recorded a 12.20 percent increase, standing at SR43.70.

Osool and Bakheet Investment Co. also fared well with 9.81, and Banan Real Estate Co. increased 7.73 percent.

Alqemam for Computer Systems Co. shed the most in Nomu, with its share price dropping by 12 percent to reach SR88. 

Natural Gas Distribution Co. experienced a 5.87 percent decline in share prices, closing at SR54.50, while Horizon Educational Co. dropped 5.66 percent to settle at SR75.

Raoom Trading Co. and Lana Medical Co. were also among the top decliners, with Raoom Trading Co. falling 5.26 and Lana Medical Co. declining 4.89 percent.

Topics: TASI NOMU MSCI stocks

Pakistan Stock Exchange may gain at least 27% by end of 2025 — Bloomberg

Pakistan Stock Exchange may gain at least 27% by end of 2025 — Bloomberg
Updated 18 November 2024
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Pakistan Stock Exchange may gain at least 27% by end of 2025 — Bloomberg

Pakistan Stock Exchange may gain at least 27% by end of 2025 — Bloomberg
  • Benchmark KSE-100 Index forecast to increase to 127,000 points by Dec. 2025, a 34% rise, from 94,704 points it closed on Friday
  • Key index advanced as much as 0.6% on Monday, taking gains to more than 50% this year, the second best performer globally
Updated 18 November 2024
Arab News Pakistan

ISLAMABAD: Pakistan’s stocks are expected to advance by more than a quarter by the end of next year as the nation’s economy shows improvement under a loan program with the International Monetary Fund and the currency stabilizes, Bloomberg reported on Monday, quoting two brokerage houses. 

The benchmark KSE-100 Index is forecast to increase to 127,000 points by December 2025, or a 34% rise, from the 94,704 points it closed last Friday, according to Topline Securities Ltd. in a report announced on Nov. 16. Arif Habib Ltd. targets the index to reach 120,000 points, a gain of 27%.

“The stage is set for a potential market re-rating with declining interest rates, a stable rupee, and improving macroeconomic indicators,” Karachi-based brokerage Arif Habib commented in a report.

Pakistan’s economy has stabilized with inflation easing from record levels that has allowed the central bank to cut the interest rate for four straight meetings to 15 percent, the lowest in two years. 

The key index advanced as much as 0.6% on Monday, taking its gains to more than 50% this year, the second best performer globally, according to data compiled by Bloomberg.

The equity market will be offering a 37% return including 10% dividend yield by the end of 2025 because of economic stability and falling bond yields, Karachi-based Topline said in a separate report.

Pakistan is also increasingly attracting the attention of foreign investors, particularly in its debt and equity markets, said Arif Habib.

Topics: Pakistan Stock Exchange PSX stocks Pakistan economy

Saudi commercial records surge 68% in 20 months

Saudi commercial records surge 68% in 20 months
Updated 18 November 2024
Nour El-Shaeri
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Saudi commercial records surge 68% in 20 months

Saudi commercial records surge 68% in 20 months
Updated 18 November 2024
Nour El-Shaeri

RIYADH: Saudi Arabia has seen a remarkable 68 percent growth in commercial records over the 20 months since the implementation of its New Companies Law, according to a recent government report.

The law, which took effect on Jan. 19, 2023, introduced significant reforms aimed at simplifying business processes and fostering a more dynamic corporate environment. By the end of the third quarter of 2024, the number of commercial records had risen to 389,413, up from 230,762 before the law’s introduction, the Ministry of Commerce reported.

Among the law’s key innovations are streamlined processes for setting up joint-stock companies, the ability for shareholders to participate remotely, and improved financing options, including allowing limited liability companies to issue debt instruments. These changes have reshaped the corporate landscape by simplifying company formation and offering flexible financing avenues.

The law also encourages broader ownership by easing the purchase of shares and equity stakes. Notably, it introduces a simplified joint-stock company model and includes provisions for non-profit organizations. Other reforms include allowing sole proprietorships to transition into any company type, modernizing rules for corporate mergers and transformations, and permitting company splits.

Small and micro enterprises are exempt from the requirement of an external auditor, reducing their compliance burdens. Additionally, the law enhances digital services, enabling remote shareholder meetings and decision-making, and removes restrictions across all stages of company formation, operation, and exit.

The reforms also introduce a family charter to govern family-owned businesses and simplify the process for foreign companies to operate in the Kingdom, creating a more flexible and investor-friendly environment.

In its September report, the International Monetary Fund praised the reforms for improving access to financing, reducing fees, and strengthening governance, which has helped attract record levels of foreign investment. The IMF also noted that the reforms have contributed to the growth of non-oil sectors and increased employment.

The IMF further highlighted that the rise in non-oil revenues underscores the effectiveness of these reforms, which have also led to better compliance and alignment of customs procedures with international best practices.

In addition, in September, Saudi Arabia approved new laws related to commercial registration and trade names, further streamlining business operations and improving the overall business environment.

These changes were approved at a Cabinet session in Riyadh on Sept. 17, chaired by Crown Prince Mohammed bin Salman.

Topics: SMEs companies law

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