Cayan Group, the developer of the twisted Cayan Tower in Dubai Marina, has broken ground on a 100 million Saudi riyal (Dh97.9m) office tower project in Riyadh.
The 14-storey CMC Tower on King Fahd Road in the Saudi capital is being developed in partnership with Saudi financial services company Mefic Capital. Both firms will house their headquarters in the building once the project completes, which is anticipated to be in two years’ time.
Alongside the office space, it will also house a new gym and an advertising screen at the top of the building.
The CMC Tower was one of three new projects worth a combined Dh3.1 billion that Cayan Group announced this year at a launch event in Dubai during which the French stuntman Alain Robert, whose nickname is Spiderman, climbed the Cayan Tower.
“CMC is strategically located on the King Fahd Road in Riyadh and is a perfect model of a multi-use integrated commercial complex, which includes luxury offices and distinctive facilities such as a screen and a high-tech fitness centre, among others,” said Ahmed Alhatti, Cayan Group’s chairman.
A contract to oversee construction was awarded to the Jordanian firm Consolidated Consultants this year. A number of contractors have been shortlisted to build it.
A spokesman said that “the selected contractor will be appointed soon”.
More than 1 million square metres of office space is set to be delivered in Riyadh over the next three years – a 41 per cent increase on the current stock of 2.4 million sq metres. However, delays to construction projects at the new King Abdullah Financial District (KAFD) are helping to underpin rents in the short term, according to the property consultancy JLL.
Average rents in the first quarter were flat at 1,060 riyals per sq metre, and the amount of vacant office space in the city declined to 16 per cent of the total, from 19 per cent in the first quarter of last year.
KAFD, which also overlooks King Fahd Road, is a new, $11.6bn financial hub that will have more than 112 buildings, according to a recent Arab News report. The project value had previously been estimated at $7.8bn.
With so much new stock due to come on to the market, JLL said that “a number of private developers have delayed or reduced the size of their projects”.
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Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The specs
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
UAE currency: the story behind the money in your pockets
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
