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LUXURY VILLAS, APARTMENTS
Saudi NHC to build 10,000 new residential units in Riyadh region
Saudi Arabia’s National Housing Company has announced the launch of 11 key residential projects in Khuzam area of Riyadh featuring over 10,000 units - ranging from luxurious villas to contemporary apartments - thus catering to different clients' needs.
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3.6GW COMBINED CAPACITY
SEC, Acwa Power, Kepco sign $4bn Saudi power purchase deal
Saudi Electricity Company, Acwa Power and Korea Electric Power Corporation (Kepco) have signed a SAR15 billion ($4 billion) power purchase deal with Saudi Power Procurement Company (SPPC) for two major power generation projects - Rumah 1 and Nairyah 1.
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15pc STAKE ON OFFER
Talabat sets price range for IPO; eyes $1.5bn on Dubai listing
Talabat Holding, an on-demand online food delivery company, has announced a price range of AED1.6 per share for its IPO on Dubai Financial Market, implying a Offering size of AED5.6 billion ($1.52 billion). Its parent firm is offering 15% stake in IPO.
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TECHNOLOGY
5G Advanced to be the upgrade that 'will transform daily life'
The upcoming era of 5G Advanced has the power to do more than just improve personal device speeds; it aims to make networks smarter, more efficient and more responsive to real-world needs in ways that could impact everyone.
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Aseer awards main contract for $266m multi-use Saudi project
Aseer Development Authority has awarded the main contract for 'The Point', a SAR1 billion ($266 million) multi-use project being set up in Abha city. It features a mix of retail, F&B and leisure elements in addition to luxury Hilton Hotel apartments.
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SAP and Chalhoub Group sign strategic partnership deal
SAP and Chalhoub Group, a leading luxury retailer in the Middle East, have signed a deal to adopt RISE with SAP, hosted on Microsoft Azure, as part of a broad digital transformation initiative named Transform Chalhoub.
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Adnoc L&S reports revenue up 38pc, net profit up 27pc
Adnoc Logistics and Services reported a 38 per cent increase in Q3 and first nine months of 2024, with revenue of $2,668 million, EBITDA of $376 million, and net profit of $576 million, a 27 per cent increase from Q3.
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NBB reports 11% increase in 9-month net profit
National Bank of Bahrain (NBB) has reported a 5% increase in net profit attributable to shareholders reaching BD19.1 million ($50.7 million) for the third quarter ended 30 September 2024, compared to BD18.2 million in the same period of 2023.
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US-centric market shift to ‘impact UAE purchasing power’
The immediate drop in gold prices and the EUR/USD rate soon after the US election reflects market anticipation of a US-centric policy shift, which could adjust global capital flows and impact the UAE’s purchasing power and inflation.
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Adani enters metals business with mega $5bn investment plan
Adani Group, one of India’s leading conglomerates, is expanding its footprint in aluminium, steel and copper production with a $5 billion investment plan. This aims to leverage synergies with its existing infrastructure, energy and logistics operations.
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Saudi TDF to build $372m multi-use resort in Eastern Region
Saudi Tourism Development Fund has announced plans to develop a multi-use resort in the Eastern Region at an investment of SAR1.4 billion ($372 million). The project, to be operated under Rixos brand, will boast 400 hotel rooms and 41 residential villas.
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Beyon launches region's first green mobile site in Bahrain
Bahrain's leading telecom and technology group Beyon has announced the launch of the first off-grid mobile site in the region, powered entirely by renewable solar and wind energy. This comes as part of Beyon's group-wide sustainability drive.
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Breitling opens boutique in Abu Dhabi Marina Mall
Breitling has expanded its footprint in the UAE capital with a new boutique in Abu Dhabi Marina Mall.
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Iconic Porsche 911 launched on the Jeddah Corniche Circuit
Samaco Motors, the exclusive importer for Porsche Saudi Arabia, launched the iconic new Porsche 911 on November 1 at the Jeddah Corniche Circuit.
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Global Partnership unveils $1bn innovation package for farmers
At the COP29 summit in Baku, the Agriculture Innovation Mechanism for Scale (AIM for Scale) unveiled its Innovation Package worth over $1 billion for farmers to help tackle the interconnected challenges of climate change, food security and agriculture.
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Danish beauty Victoria is the new Miss Universe
Victoria Kjær Theilvig of Denmark has been crowned Miss Universe 2024, becoming the first Dane to ever win the competition. The 21-year-old, a competitive dancer, entrepreneur and aspiring lawyer, beat over 120 other contestants to win the coveted title.
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51pc of luxury retail employees plan to leave their jobs: study
A staggering 51% of luxury retail employees plan to leave their jobs amid a talent crisis gripping the industry, said a landmark report titled “The Advisor Effect: Driving Retail Success by Re-imagining the Role of the Client Advisor”.
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Joby begins work on first Dubai Vertiport
Joby Aviation, a company developing electric air taxis for commercial passenger service, has announced that construction has begun on the first vertiport in its planned Dubai air taxi network.
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