Saudi Arabia’s Crown Prince Mohammed bin Salman on Thursday launched a company to carry out an ambitious development project in central Riyadh, as part of the kingdom's plans to make its capital a global metropolis and diversify the economy.
The kingdom aims to double the size and population of its capital with total investments of $800 billion under its Vision 2030 plan, as well as reducing its dependence on oil export revenue.
“The New Murabba Development Company's project will include a museum, a technology and design university, a multipurpose immersive theatre and more than 80 cultural and entertainment venues,” the Saudi Press Agency reported.
The project is expected to be completed by 2030, in time for the global expo that year, which Saudi Arabia has bid to host.
The project will be at the intersection of King Salman and King Khalid roads to the north-west of Riyadh, over an area of 19 square kilometres. The project will accommodate hundreds of thousands of residents.
It will offer more than 25 million square metres of floor area, feature more than 104,000 residential units and 9,000 hotel rooms, and more than 980,000 square metres of retail space, SPA reported.
It will also comprise 1.4 million square metres of office space, 620,000 square metres of leisure assets, and 1.8 million square metres of space for community facilities.
The new development will also host the Mukaab, built in a modern Najdi architectural style, which is set to be the world’s first immersive destination offering virtual technology experiences with holographics and innovative technologies.
Saudi Arabia’s Public Investment Fund will be the main source of funding for the project, as part of wider plans to empower the private sector, support real estate projects and infrastructure, and diversify the economy.
SPA said the project was expected to add 180 billion riyals ($48 billion) to non-oil gross domestic product and create 334,000 direct and indirect jobs by 2030.
“The New Murabba project will be built around the concept of sustainability, featuring green areas and walking and cycling paths that will enhance the quality of life by promoting healthy, active lifestyles and community activities,” SPA reported.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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