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New York to propel 22 renewable energy projects; EU set to boost LNG capacity

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New York is on track to advance with 22 green projects, in line with the state’s climate ambitions. In addition, EU countries will use money from the EU recovery fund to expand liquified natural gas capacity. Meanwhile, Moscow is seeing a jump in profits from energy exports in 2022, despite sanctions from the West.

Looking at the bigger picture:

· New York has unveiled a total of 22 renewable energy projects in line with the state’s target to achieve net-zero by 2040, Bloomberg reported, citing Gov. Kathy Hochul. The projects are expected to generate enough power to cater to 620,00 homes in the city for at least 20 years. In addition to this, the projects are also likely to create over 3,000 jobs and spur up to $2.7 billion in private investments.

· EU countries are set to utilize the money coming from the EU recovery fund to bolster liquified natural gas capacity, Reuters reported, citing EU Commissioner Paolo Gentiloni. Originally created to facilitate pots-pandemic economic growth, the EU recovery fund will help EU countries gain dependency from Russian gas imports.

· Qatar has exported less than 35 million tons of liquified natural gas in the period between January and May of 2022, down from 36 million tons in the corresponding period a year ago, Bloomberg reported, citing ship-tracking data compiled by Bloomberg. This is despite the major delivery requests from European countries keen on finding alternative sources to Russian fuels.

· Moscow is anticipating an increase in profits from the export of energy resources in 2022 despite Western sanctions on Russian oil, Reuters reported, citing Russian Foreign Minister Sergei Lavrov.

Source:https://www.arabnews.com/node/2096936/business-economy

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Saudi partners with WEF to launch new strategy to boost industrial sector

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Saudi Arabia has launched a new strategy with the World Economic Forum to promote industrial innovation and advanced manufacturing in the country.

Minister of Industry and Mineral Resources and Chairman of the Saudi Industrial Development Fund Bandar bin Ibrahim Al-Khorayef launched the Saudi Advanced Manufacturing Hub, or Saudi AMHUB, strategy, which will look to position Saudi Arabia at the global forefront of industrial innovation and advanced manufacturing.

This will pave the way for Saudi’s industrial sector to implement the advanced mechanisms and practices of leading industrial experiences around the world, said Al-Khorayef, during the launch ceremony held in Riyadh on April 12.

Led by SIDF, Saudi AMHUB will have 24 core members from the public, private and academic sectors, and it will promote the Kingdom’s industrial sector towards adopting advanced manufacturing.

“In addition to that, it will be strengthening links between investors and providers of advanced technologies globally and enabling the local industrial sector to use such advanced technologies,” said SIDF CEO Ibrahim bin Saad Al-Mojel in a press statement.

The strategy’s main aim is to provide practical solutions to the country’s industrial sector while raising the operational and financial efficiency of factories.

SIDF joined the WEF in January 2021, in a move to adopt advanced industrial practices in the Kingdom.

SOurce:https://www.arabnews.com/node/2061786/business-economy

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Young Saudis helping to achieve Vision 2030 goals, says deputy minister

The young population in Saudi Arabia is helping the country to achieve the goals of Vision 2030, according to Saad Al-Shahrani, deputy minister at the Saudi Ministry of Investment.

While speaking at the Saudi Spanish Investment Forum in Riyadh on Sunday, the minister revealed that the young population in the nation is tackling all the challenges that are arising as the country progresses toward achieving the goals of Vision 2030.

The minister noted that the oil industry was the key driver of the Kingdom’s economy before 2016.

“In 2016, the crown prince came up with Vision 2030 and set up the rules and guidelines for our economy to be more ambitious, effective, and diverse. We had 13 programs launched in 2016 from diverse fields including macroeconomic reforms, microstructure reforms and other institutional reforms,” said Al-Shahrani.

Source:https://www.arabnews.com/node/2096946/business-economy

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Saudi Arabia sees 26% rise in industrial licenses, ministry reveals

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Saudi Arabia issued 260 new industrial licenses during the first quarter of 2022 — up from the 206 handed out in the previous three months, the government has revealed.

Figures issued by the Ministry of Industry and Mineral Resources show that while there was a quarter-on-quarter rise, the number approved was down from 308 in the same period of 2021.

Riyadh benefited from most of the new licenses — 109 — with the Eastern region securing 61 and Makkah receiving 45.

The size of new industrial investment totaled SR5.53 billion ($1.47 billion), while the number of jobs provided by licensed companies amounted to 8,053.

Factories

As at the end of the first quarter, the total number of factories both operating and under establishment totaled 10,489.

Factories processing non-ferrous metals had the largest share, followed by rubber and plastic products and non-metallic minerals.

The cumulative size of investment in capital of these factories amounted to SR1.35 trillion at the end of the first quarter of 2022.

Small and medium enterprises dominated the industry, accounting for 5,273 and 4,386 factories respectively, with the remaining 830 being large companies.

The Riyadh administrative region held the highest level of industrial units at 5,273 factories. The Eastern region came second with 2,291 factories, and the Makkah region 1,783 factories.

Source:https://www.arabnews.com/node/2069621/business-economy

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Saudi’s Dar Al Arkan set to make Oman debut with $1.6bn AIDA project

Dar Al Arkan, the Saudi-based real estate company, and Oman Tourism Development Company have signed an agreement to develop AIDA, one of the largest mixed-use real estate projects in the sultanate.

The project marks Dar Al Arkan’s first entry into Oman and the value of the investment from both parties will reach SR6 billion ($1.6 billion).

The project will be developed in three stages on an area of 3.5 million square metres, a statement said.

Through the partnership, Dar Al Arkan will develop a mixed-use project in Yiti and Yankat areas, as part of a large master development, situated 100m above the shores and overlooking the Sea of Oman in Muscat.

It will comprise 3,500 residential villas, townhouses, and low-rise apartments, two hotels of 450 rooms, a plaza filled with cafes and restaurants and a gated promenade with luxury retail and other amenities.

Ziad El Chaar, vice chairman of Dar Al Arkan Properties, said: “We are excited to become part of this unique project. Oman has always offered an exceptional experience for residents and tourists, and the development of Yiti and Yankat areas will further elevate the nation’s offering and position it as a world-class destination.

“AIDA sits atop one of the world’s highest peaks, a place where all the noise is quietened, composing a beautiful symphony. Overlooking one of the most breath-taking horizons in the world, will lie a place bubbling with inspiration.”

Hashil Bin Obaid Al Mahrouqi, CEO of Omran Group, added: “We are delighted to work with Dar Al Arkan on this master project that is being developed with world class expertise… The project is strategically designed as an extension to Muscat city to showcase the vision of progress and sustainable urbanisation.

“AIDA will become an attractive and sought-after destination with its many residential, entertainment, cultural, retail and recreational offerings that will put Oman on the regional and global tourism map, as well as drive foreign investment and stimulate key economic sectors that will help achieve Oman Vision 2040.”

The project is one of the largest urban developments in Oman, extending to a total area of over 11 million square kilometres.

Headquartered in Riyadh, Dar Al Arkan is fast-growing its portfolio across the kingdom and expanding its international footprint to Dubai, Qatar and Bosnia.

Source:https://www.arabianbusiness.com/industries/construction/saudis-dar-al-arkan-set-to-make-oman-debut-with-1-6bn-aida-project

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New hotels pipeline remains strong as GCC countries defy pandemic impact

The construction of new hotels in prime tourism destinations such as Saudi Arabia, Qatar, Oman and the UAE remains substantial despite the pandemic headwinds over the past two years.

According to new research commissioned by Arabian Travel Market, Makkah and Doha are both expanding their hotel room inventory by 76 percent, followed by Riyadh, Madinah and Muscat with 66 percent, 60 percent and 59 percent growth respectively.

The data compiled by hospitality analysts STR also showed that in Dubai, rooms growth stands at 26 percent which is still more than double the global average.

Danielle Curtis, exhibition director ME – Arabian Travel Market (ATM), said: “With the global average sitting at 12 percent we are witnessing multiple GCC destinations growing at six times those rates.

“These figures coupled with the ongoing relaxation in travel restrictions, will undoubtedly encourage travel professionals throughout the Middle East and further afield,” she added.

According to the report, there are almost 2.5 million hotel rooms currently under contract around the world, 3.2 percent or 80,000 rooms of that supply is taking place in Saudi Arabia alone.

Although Expo 2020 Dubai is now drawing to a close, the mega event has been the catalyst for accelerated hotel room growth in the UAE with almost 50,000 rooms still due to open, it added.

The pipeline of new hotels in the Gulf shows no sign of slowing despite the pandemic. Following closely behind is Doha with final preparations for the FIFA World Cup 2022 now being put in place.

Doha is on track to deliver 23,000 hotel rooms pre- and post-World Cup 2022, adding to the country’s burgeoning hotel property portfolio.

“Whilst the actual numbers may not seem particularly significant in comparison to the global hotel room pipeline, the growth above existing supply is staggering and underlines government strategy to diversify their economies away from hydrocarbon receipts and their confidence in the growth of tourism throughout the region,” said Curtis.

In line with the UAE government’s transition to a Monday-to-Friday workweek, this year’s edition of ATM will commence on Monday May 9 and run until May 12.

source:https://www.arabianbusiness.com/industries/construction/new-hotels-pipeline-remains-strong-as-gcc-countries-defy-pandemic-impact

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$1bn sustainable city project to be built in Muscat, set for 2025 completion

Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman.

With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of the Yiti Integrated Tourism Development Masterplan.

With sustainable innovation at its heart, the project will feature 1,657 residential units including 300 eco-friendly and energy-efficient villas in car-free districts.

The city is designed to produce 100 percent of its energy requirements from renewables which include solar panels and biogas. It will also recycle all its water and waste and use it for irrigation.

The city also aims to grow its own food through productive farm areas and greenhouses and will adopt clean mobility solutions like autonomous shuttles and electric cars, and by deploying EV charging stations.

A sustainable school that will teach important concepts of sustainability through the school curriculum while the city will also feature a number of sports facilities which include jogging and cycling tracks, an equestrian club, and a horse track.

A four-star hotel with 197 rooms, a five-star resort with 170 rooms and a range of restaurants, numerous leisure facilities, and beachfront access will also be included while the resort will also manage 132 luxury serviced apartments.

Faris Saeed, chairman of Diamond Developers, the company behind Dubai Sustainable City, said: “The Sustainable City – Yiti is not only a benchmark for sustainable urban development, it is a working model for future cities. It is a thriving community made up of thousands of residents, visitors, students, researchers, and entrepreneurs.”

He added that the project, scheduled for completion in 2025, is expected to be one of the region’s most sustainable cities and, by adopting the latest solutions in energy production, vertical farming, humidity harvesting and autonomous transportation, it aims to be net zero carbon by 2040.

Mohammed Salim Al Busaidi, chairman of OMRAN Group, said: “Our partnership with Diamond Developers is a unique milestone in our journey as we continue to invest, develop, and maximise the limitless potential of Oman’s tourism sector.

“Yiti will open avenues for numerous lucrative investment opportunities for both local and international investors in line with the directions of Oman Investment Authority.”

Source:https://www.arabianbusiness.com/industries/construction/1bn-sustainable-city-project-to-be-built-in-muscat-set-for-2025-completion

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Qatar 2022 will be an affordable World Cup for fans

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Football fans coming to Qatar for the World Cup will not have to shell out huge amounts on accommodation, assured CEO of the FIFA World Cup Qatar 2022, Nasser Al Khater.

In comments to The Sun, Al Khater said that Qatar will make this World Cup as affordable as possible for everyone.

“We have always been committed to offering every fan who wants to come the opportunity to enjoy an affordable World Cup. We’ve learned from previous tournaments. We know there have been price hikes in previous tournaments to take advantage of the fans who have bought tickets,” he told Sunsport.

“That’s something we have always been determined to avoid. I completely understand the concern when fans see these prices, but we will make this World Cup as affordable as possible for everyone,” he added.

Fans with tickets can already book their accommodation through the special website launched by the organiser. The website lists many options from different categories of hotels, apartments and villas, vacation homes and two cruise ships with around 4,000 rooms.

Fans can also book accommodation through other means, such as hotel and holiday accommodation websites. But this website gives much more options and price ranges.

The organisers had earlier clarified that accommodation for FIFA Qatar 2022 fans will start from $80 and go up depending on the category one chooses.

Source:https://thepeninsulaqatar.com/article/07/04/2022/qatar-2022-will-be-an-affordable-world-cup-for-fans-official

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Fragmented performance across Saudi Arabia’s real estate sector in Q1, 2022

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Saudi Arabia’s real estate sector has started the year with fragmented performance and activity levels across the Kingdom’s regions.

Looking at Saudi Arabia’s office sector figures, visitation to the workplace has since late September 2021 remained above its pre-pandemic baseline and now sits 19.7 percent above the baseline, with the majority of occupier activity continuing to be very much skewed towards Riyadh. As a result, we have seen average rents in Riyadh’s Grade A segment increase by 8.6 percent and Grade B rents by 6.0 percent in Q1 2022. These market fundamentals also mean that landlords are seldom offering incentives.

In Jeddah, despite the lack of activity and with limited availability in the Grade A segment, Grade A rents rose by 10.8 percent in the first quarter, whereas Grade B rents continued to soften and fell by 4.3 percent. Grade A rents in Dammam and Khobar increased by 4.0 percent and 2.6 percent respectively, with Grade A rents in both locations now above their pre-pandemic levels.

Residential transaction volumes in Saudi Arabia fell by 23.4 percent in Q1 2022, compared to a year earlier, while the total value of transactions fell marginally by 1.9 percent. During this period, the number of transactions totaled 60,336 and the value of transactions reached SAR40.41bn. In Riyadh, the total number of transactions in Q1 2022 fell by 21.6 percent, and it also fell in the Damam Metropolitan Area (DMA) by 31.8 percent.

Jeddah on the other hand saw transactions volumes increase by 5.4 percent in the 12 months to Q1 2022. Over the same period, average apartment prices in Saudi Arabia have increased by 9.6 percent, with prices in Riyadh, Khobar, Dammam and Jeddah increasing by 13.2 percent, 11.3 percent, 9.6 percent and 4.5 percent respectively.

Taimur Khan, Head of Research – MENA at CBRE, said: “Looking ahead, due to the easing of restrictions, particularly in relation to religious tourism, a number of planned events such as the continuation of the Saudi Seasons initiative, and returning business visitation, we expect that performance in Saudi Arabia’s hospitality sector will continue over the course of 2022. However, as other global locations also continue to open their borders for restriction-free travel, we expect that locations which have benefitted from redirected visitations over the last two years, such as Al Khobar, will see performance levels deteriorate until the second half of 2022.”

SOurce:https://thepeninsulaqatar.com/article/29/04/2022/fragmented-performance-across-saudi-arabias-real-estate-sector-in-q1-2022

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Oman’s sovereign wealth fund splits into two portfolios

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The Oman Investment Authority has split its assets into local and foreign portfolios, the state news agency said on Sunday. Abdulsalam Al Murshidi head of the Omani Investment Authority said the “Generation Portfolio”, which consists of foreign assets and some local assets in various instruments including public and private markets, in addition to real estate, aims at achieving the greatest returns for future generations, the news agency reported.

The “National Development Portfolio”, is concerned with managing local assets and more than 160 Omani companies, and aims to contribute to the growth and development of the economy, in addition to supporting the state’s general budget through dividends, privatisation proceeds, and treasury management.

Oman established the Oman Investment Authority in 2020 to own and manage most of its sovereign wealth fund and finance ministry assets.

Source:https://thepeninsulaqatar.com/article/24/04/2022/omans-sovereign-wealth-fund-splits-into-two-portfolios-state-news-agency