https://arab.news/87c8g
RIYADH: Saudi mall operator and owner Arabian Centres Co. and National Housing Co. have signed an agreement to establish a SR600 million ($160 million) commercial mall in the Murcia residential project in northern Riyadh.
Spread over a land area of around 180,000 square meters, the integrated mall with 45,000 square meters of gross leasable area, or GLA, will include 150 shops, hosting a range of international and local brands across fashion, casual dining, cinema and entertainment.
Under the deal, a new company will be established with a capital of SR130 million, to be paid up equally by both parties, according to a bourse filing.
The newly established company will lease the land from NHC for the purpose of developing the mall, with a total lease amounting to SR340 million, which will be paid in annual payments, it said.
The development cost of the mall is estimated at SR260 million, where ACC will finance its share of it through its internal resources. The company expects the mall’s revenue to surpass SR50 million once it stabilizes.
ACC plans to begin the construction of this mall during the second half of 2022 after the structure’s design gets approval. It is expected to open during the first half of 2025.
Founded in 2016, NHC is one of the largest developers and enablers within the real estate system, promoting quality projects that enrich the market. Its Murcia residential project will include more than 5,000 homes and 570 apartments.
RIYADH: Saudi Arabia’s King Khalid International Airport has won the top accolade of ‘Most Improved Airport’ at the Skytrax 2022 World Airport Awards, as the Kingdom continues to strengthen its infrastructure to advance in the tourism and aviation sectors.
These awards are given based on analyzing customers’ evaluations of services and facilities across over 550 airports worldwide.
Apart from winning the ‘Most Improved Airport’ title, the Riyadh-based airport also bagged the 29th spot in Skytrax’s ‘World Top 100 Airports’, as it climbed 29 places this year from the 58th rank it grabbed in 2021.
The airport was also ranked third on the list of the top 10 airports in the Middle East.
Moreover, King Khalid International Airport also bagged the third spot for having the best airport staff in the Middle East.
“This milestone demonstrates our ongoing commitment to the aspirations of Vision 2030 and the national aviation strategy,” said CEO Mohammed Al Maghlouth of Riyadh Airports Company, which manages and operates the King Khalid International Airport.
Doha’s Hamad International Airport was ranked first in the list of ‘World Top 100 Airports’, followed by Tokyo’s Haneda Aiport and Singapore’s Changi Airport in the second and third spots respectively.
RIYADH: Egypt’s stock exchange lost 16.2 billion Egyptian pounds ($870 million) last week, weighed down by fears over a global economic slowdown.
The market cap of listed companies on the country’s blue-chip index EGX30 fell from 674 billion Egyptian pounds to 658 billion Egyptian pounds in the week, Saudi Press Agency reported.
With most stocks on the index finishing lower, EGX30 posted a weekly decline of 1.04 percent to close at 9,866.75 points.
RIYADH: Bitcoin, the leading cryptocurrency internationally, hits a new low since December 2020 on Sunday, falling by 10.30 percent to $18,294.50 as of 9:00 a.m. Riyadh time.
Ethereum, the second most traded cryptocurrency, was priced at $954.45 plummeting by 11.38 percent, according to data from Coindesk.
Investors sue Terraform Labs and other VC firms
Coindesk reports that an investor sued Terraform Labs, its founder Do Kwon, and several venture capital firms in Luna Foundation Guard for allegedly violating federal securities laws and misleading investors.
In an attempt to recover damages and any injunctive and punitive fees from a jury trial, Plaintiff Nick Patterson filed a lawsuit seeking class-action status on Friday.
Coindesk added that the plaintiff argued that “Terra Tokens,” resembled securities, as marketed by Terraform Labs and LFG’s VCs, even if investors couldn’t recognize them as securities.
Aside from Terraform Labs and Do Kwon, the suit also names Defiance Capital/DeFinance Technologies Oy, GSR/GSR Markets Limited, Jump Crypto, Jump Trading LLC, Nicholas Platias, Republic Capital, Republic Maximal, Three Arrows Capital, and Tribe Capital as defendants, Coindesk concluded.
Dubai now offers over-the-counter cryptocurrency trading
In Dubai, Coinsfera has opened its over-the-counter shop where people can exchange their cryptocurrencies for cash or bank transfers, according to a statement.
By using this new system, people can take advantage of the current market situation by selling and purchasing cryptos in the UAE, it said.
Coinsfera is a physical cryptocurrency exchange located in Dubai and many other countries.
Moreover, Coinsfera has launched its new crypto-fiat payment solutions for companies as well as consumers.
In the UAE, with Coinsfera, people can sell cryptocurrencies instantly to avoid losses and also earn profits from the sale.
Users do not have to be UAE residents, only a valid ID and proof of address are required, the statement added.
JEDDAH: Saudi Arabia signed five contracts to boost Jeddah's port position as a leader in the Middle East.
The Kingdom's Saudi Ports Authority, also known as MAWANI, signed a deal with DP World to create a new logistic park in Jeddah Islamic Port, following a similar deal with Maersk to create their largest logisitc park in the Middle East in Jeddah.
Commenting on the deal, the minister of Transportation and Logisitcs Saleh Al-Jasser told Arab News: “The kingdom is working very hard to implement its national transportation and logistics strategy which aspires to transform Saudi Arabia into a global logistics hub.”
“We are working very hard to implement many initiatives that will take us to this aspiration.”
Under the deal, DP World to commit an investment of over SR500 million ($133 million) to create a logistic park over an area of over an area of 205,000 square meters.
It will handle 250,000 TEUs containers with a warehouse area over 100,000 square meters.
Last year, Danish shipping giant Maersk has signed an agreement with MAWANI to set up an Integrated Logistics Park at the Jeddah Islamic Port.
The agreement commits Maersk to an investment of $136 million over a period of 25 years for infrastructure for warehousing and distribution, cold storage, e-commerce and serve as a hub for transhipments, petrochemical consolidation, air freight and less than container load cargo.
The greenfield project will be spread over an area of 205,000 square meters and will be the first of its kind at the Jeddah Islamic Port, offering an range of solutions with an aim to connect and simplify the supply chains of importers and exporters in Saudi Arabia.
Maersk will also be investing heavily in renewable energy to power the facility and eventually achieve carbon-neutrality. The project is expected to create more than 2,500 direct and indirect jobs in Saudi Arabia.
RIYADH: Gold prices edged down on Friday, as stronger dollar and interest rate hikes from major central banks dented the safe-haven metal's appeal.
Spot gold is currently priced at $1,839.39 an ounce, while US gold futures is at $1,840.60.
Chicago wheat futures fell on Friday, erasing gains earlier in the week as harvest pressure weighs and a firmer dollar limits export business, traders said.
Corn inched higher, finding a fresh one-month high, supported by hot weather in the US Midwest that could threaten crops, while soybeans traded near even heading into a three-day holiday weekend.
The most-active wheat contract on the Chicago Board of Trade lost 44 cents to $10.34-1/4 a bushel, down 3.5 percent for the week.
CBOT corn eased 3-3/4 cents to end at $7.84-1/2 per bushel, after earlier reaching $8.00, its highest since May 18.
CBOT soybeans eased 7-1/2 cents to $17.02 per bushel, falling 2.5 percent on the week, its biggest weekly loss since the week ended May 6.
GM hikes Hummer EV price by over $6,000 as commodity costs rise
General Motors Co. on Friday raised the price of its Hummer EV pickup truck by $6,250 as it seeks to mitigate higher commodity and shipping costs amid high demand for cars and trucks.
The pickup, currently priced at about $80,000 to $110,000, has more than 77,500 existing bookings which will not be impacted by the price hike as it will come into effect for vehicles reserved on or after Saturday, GM said.
The company has been able to offset $5 billion in higher supply chain costs by raising prices and cutting expenses, GM Chief Financial Officer Paul Jacobson told investors at a conference sponsored by Deutsche Bank on Wednesday.
Last month, Tesla raised its Model 3 and Model Y prices, marking the automaker’s fifth price increase in just a few months.
Electric vehicle maker Rivian Automotive Inc. has also raised prices on its pickup trucks by 20 percent, however, the company rolled back the hikes on vehicles booked before March 1 after facing backlash from customers.