Emaar The Economic City, the developer of the King Abdullah Economic City (KAEC) in Saudi Arabia, has sold an undeveloped industrial plot to a group of buyers, including a subsidiary of the Public Investment Fund, for 366.77 million Saudi riyals ($97.78 million) to create an industrial logistics hub.
The other buyers of the land are Dar Al Himmah Projects, Zamil Group Real Estate Company and Abdullah Ibrahim Alkhorayef Sons, the developer said on Sunday in a statement to the Tadawul stock exchange, where its shares are traded.
The investors will "develop all secondary infrastructure and create industrial logistics hub in the special economic zone", the statement said.
The payment would be made in two years and the proceeds from the sale would be directed towards the "development of infrastructure, working capital and the fulfillment of some financial commitments", it added.
Emaar The Economic City will begin recognising the revenue impact from the deal from the third quarter of this year.
KAEC, a special economic zone, was launched in 2005 as part of the kingdom's wider economic national transformation programme that aims to diversify its economy away from oil.
It focuses on advanced manufacturing and logistics, from the automotive supply chain, including assembly, as well as consumer goods, information and communications technology, and medical technology.
KAEC also includes King Abdullah Port, among the world’s 100 largest ports and the second biggest on the Red Sea.
Saudi Arabia, the Arab world's largest economy, is building several new projects as it focuses on diversifying its economy. It aims to become one of top 15 global economies by 2030.
In April, the country launched four special economic zones that will offer companies financial and non-financial incentives.
Special economic zones are geographically defined areas that support specific activities such as investment, trade and employment by providing competitive advantages and legislative frameworks that differ from the base economy.
The new zones will focus on the key growth sectors of advanced manufacturing, cloud computing, MedTech and maritime, the Saudi government said at the time.
In 2021, PIF, the kingdom's sovereign wealth fund, acquired a 25 per cent stake in Emaar The Economic City to become a major shareholder in the company.
The transaction will help both companies "leverage synergies" and further develop KAEC, officials said at the time.
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
