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AMAALA, the ultra-luxury development situated along Saudi Arabia’s Red Sea coast, which is focused on integrated wellness and healthy living, has signed a partnership agreement with The Prince Albert II of Monaco Foundation, the Centre Scientifique de Monaco and Oceanographic Institute.

The VIP Signing Ceremony took place at the Oceanographic Institute on the final evening of the Monaco Yacht Show and was attended by HSH Prince Albert II of Monaco, AMAALA Chief Executive Officer Nicholas Naples, the AMAALA Advisory Board, select partners of the brand and esteemed guests. The signing was followed by a VIP dinner prepared by 3-Star Michelin Star Chef Mauro Colagreco.

This follows a framework agreement signed last year at the Monaco Yacht Show to explore areas of mutual collaboration. Together the partners will work on oceanographic and marine life research and conservation initiatives to benefit the world’s oceans with four opportunities identified for joint projects: coral reef management, iconic species protection, Marine Protected Areas (MPA) enforcement, and fighting plastic pollution.

Naples said: “We are very selective with whom we align, as is The Prince Albert II of Monaco Foundation. Their mission to raise awareness of the impact of human activities on the natural environment, encourage more environmentally-friendly behaviour, and promote innovative solutions, makes the Foundation a natural fit for AMAALA. We are committed to fully sustainable development throughout the design, build, and operation phases, which includes being net carbon neutral from the start of operations. We plan to create a coastal oasis that not only flourishes but a place that elevates the role of responsible tourism globally.”

M Bernard Fautrier, Vice President and CEO of the Prince Albert II of Monaco Foundation said: “The impact of human activities on the ocean has been devastating, and through our partnership with AMAALA, we look to come together and raise awareness of that impact, integrating environment preservation and sustainability into the heart of the future. Monaco has long-been committed to the environment, and we look forward to working alongside AMAALA to safeguard the biodiversity of the Red Sea, taking actions for future.”

Professor Patrick Rampal of Centre Scientifique de Monaco added: “We are very pleased to have entered into this partnership with AMAALA, which will allow us to pursue innovative areas of research in a previously undiscovered location. This project will allow us to, collaboratively, better understand the biology of corals in order to better protect their ecosystems. The Red Sea corals offer exceptional characteristics, in particular their resistance to environmental stresses, which will be interesting to explore with Saudi researchers.”

This event marks the first partnership for AMAALA which is anchored around the three pillars of wellness and sports, art and culture, and sun, sea, and lifestyle. The destination of AMAALA, referenced by the press as part of the Riviera of the Middle East, is dedicated to sustainable building practices, with environment preservation and enhancement paramount to the success of the ambitious project.

Developing sustainable yachting practices will also be a goal for AMAALA. Only 2,005 miles from Monaco which equates to six days of cruising on average, AMAALA is the ideal haven for sailors and water lovers to extend the Mediterranean yachting season.

The signing was the culmination of participation in the Monaco Yacht Show where AMAALA also hosted its inaugural Advisory Board Meeting. AMAALA, who participated in the third Monte Carlo Gala for the Global Ocean, welcomed its Advisory Board Members and select guests to the celebration.

This major fundraising event gathers international artists and philanthropists for an exclusive gala in favour of the Foundation’s worldwide initiatives dedicated to a sustainable ocean. Long-time champion for climate change action Robert Redford was honoured for his global environmental contributions.

AMAALA is part of The Red Sea Collection which, alongside NEOM and The Red Sea Project, participated at the Monaco Yacht Show for the second year. The Red Sea Collection showcased the Kingdom’s west coast, one of the world’s pristine paradises, to the superyacht industry and sailing lovers and sponsored two key show events – The Yacht Summit and the Inaugural Awards Gala.

Source:https://www.arabianbusiness.com/travel-hospitality/438988-saudi-luxury-project-amaala-signs-deal-to-protect-marine-environment

Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, chairman of Etihad Rail, has launched the construction works of Package A of stage two of the pan-UAE railway network.

Package A will run for 139km from Ghuweifat on the UAE border with Saudi Arabia to Ruwais, where it connects with stage one of the network.

He said: “As 2020, the year of preparing for the next 50 years, begins, we launch the construction works for this pivotal national project that will generate a paradigm shift in the country’s transport sector, consolidating the UAE’s position at both regional and global levels.

“With this launch, we are witnessing a remarkable day for Etihad Rail as we witness the transition from planning and design to actual implementation of the project on the ground, following in the footsteps of our founding fathers as we implement one of the nation’s most strategic projects, one that contributes to the economic development of the country by providing a safe, reliable and integrated alternative mode of transport.”

Package A will utilise 700,000 cubic metres of ballast, involve 30,000,000 tons of earthwork and the installation of over 450,000 concrete sleepers provided by Etihad Rail’s own manufacturing plant, which produces up to 45,000 railway sleepers each month.

A contract between Etihad Rail and a joint venture of Larson and Toubro Limited and Power China International has also been signed to construct freight facilities for the railway network at a total cost of AED1.87 billion.

Etihad Rail is building a series of freight facilities in Ruwais, Industrial City of Abu Dhabi (ICAD), Khalifa Port, Dubai Industrial City (DIC), Jebel Ali Port, Al Ghayl and Siji, Fujairah Port and Khorfakkan Port capable of undertaking all loading and unloading operations, in addition to providing container storage and maintenance.

The planned port facilities will provide a full service to Etihad Rail customers, including direct access to trains on the dock, easing container movements between ships and trains.

With this award, Etihad Rail said it has completed the contract-awarding process of stage two of the national network which will connect Fujairah and Khorfakkan on the UAE’s east coast to the UAE’s Saudi border at Ghuweifat.

Source:https://www.arabianbusiness.com/transport/438993-etihad-rail-chief-launches-construction-of-stage-2-of-uae-railway

Qatar Industrial Manufacturing Company (QIMC) reported a 30.3% year-on-year profit decline in the fourth quarter of 2018.

During the October-December period of 2018, QIMC’s profits amounted to QAR 29.7 million ($8.2 million), compared to QAR 42.6 million ($11.7 million) in the corresponding period in 2017, according to the Qatar-based firm’s statement to the Qatar Stock Exchange (QSE) on Sunday.

For the full-year 2018, the Qatari firm’s profits retreated 2.7% to QAR 200.28 million, against QAR 206.18 million in the prior year.

Earnings per share (EPS) amounted to QAR 4.21 in 2018, versus QAR 4.34 in 2017.

Meanwhile, QIMC’s board of directors proposed distributing cash dividends of 25% of the share’s nominal value, or QAR 2.5 per share.

QIMC’s ordinary general meeting (OGM) will be convened on 10 March to discuss the financial results and approve the cash dividend for 2018.

During the first nine months of 2018, QIMC reported a 4.2% profit increase to QAR 170.5 million, from QAR 163.5 million in the year-ago period.

Source:https://english.mubasher.info/news/3413015/Qatar-Industrial-Manufacturing-profit-drops-2-7-in-2018-dividends-proposed/

A new concept Lulu Hypermarket has opened in Dubai’s Festival City, it was announced on Tuesday.

The new outlet includes 56,000 square feet of space, of which 85 percent is allocated to groceries and fresh foods.

The Festival Plaza hypermarket also marks the first time that Lulu customers can sit and eat their freshly prepared food at live stations that offer items including sushi, pasta and pizza.

The new store forms part of a larger local lifestyle destination that includes 120 stores – including IKEA and Marks & Spencer – in addition to a 500-seat food court and an upcoming 40 dining and eating options.

“We are excited to welcome the new Lulu Hypermarket to our newest mall offering today, Festival Plaza. This new concept outlet from the Lulu Group is the first of its kind concept Lulu Hypermarket,” said Timothy Earnest, group director at Al-Futtaim Malls. “This is another milestone on our journey as we position ourselves as the leading malls and retail experience developer in MENA.”

The valuable addition of Lulu Hypermarket with all it has to offer strengthens our mall offering and reiterates our position as retail pioneers in the region,” he added.

The store is the group’s 186th branch worldwide.

“We are glad to launch another beautiful hypermarket that will provide a world-class shopping experience not only to the residents living within the area, but also to the tourists and business enthusiasts coming to the UAE for Expo 2020, the biggest event in the Arab world,” said Lulu Group managing director Yusuff Ali M.A.

“Over the years of catering to different nationalities, we have seen the growing demand for internationally sourced products,” he added. “This is why it will be our continuous commitment to offer high-quality products at the most affordable prices in the market.”

Source:https://www.arabianbusiness.com/retail/438808-lulu-hypermarket-opens-new-venue-at-dubai-festival-city

Bahrain Central Bank governor says it will trial a new toolkit developed by the World Economic Forum

Bahrain’s Central Bank is to pilot a new toolkit developed by the World Economic Forum to evaluate the impact of digital currencies on the economy.

Blockchain and academic experts from around the world have contributed to the design and content of the toolkit to help policy-makers within central banks confidently evaluate whether central bank digital currency (CBDC) is the right fit for their economy and guide them through the evaluation, design and deployment process.

“We will pilot the new toolkit developed by the World Economic Forum, said Rasheed Al Maraj, governor, Central Bank of Bahrain.
“We hope that it will be an opportunity to learn, grow and to adapt to the changes in the Fourth Industrial Revolution.”

The past six months have been a wake-up call for some central bank policy-makers. CBDC has risen to prominence as a potential solution to multiple challenges such as financial inclusion and payment-system efficiency.

But due in part to the market-moving nature of central bank announcements, the majority of research and experimentation is done independently, behind closed doors.

For the first time, the World Economic Forum has gathered insights from central bank researchers, global policy makers, international organizations and experts from over 40 institutions to create the CBDC Policy-Maker Toolkit.

“Given the critical roles central banks play in the global economy, any central bank digital currency implementation, including potentially with blockchain technology, will have a profound impact domestically and internationally,” said Sheila Warren, head of Blockchain and Distributed Ledger Technology at the World Economic Forum. “It is imperative that central banks proceed cautiously, with a rigorous analysis of the opportunities and challenges posed.”

“We worked with almost a dozen central banks as well as prominent economists and financial industry leaders to create a common approach for evaluating and designing CBDC around the world,” added Ashley Lannquist, project lead at the World Economic Forum. “The toolkit is the first of its kind to provide a concise summary of the key issues for policy-makers considering general-purpose or wholesale CBDC.”

The CBDC Policy-Maker Toolkit provides high-level guidance and information for retail, wholesale, cross-border and private-sector issued “hybrid CBDC” as well as for large, small, emerging and developed countries.

source:https://www.arabianbusiness.com/banking-finance/438417-bahrain-to-pilot-toolkit-for-central-bank-digital-currency

Top candidates looking to move jobs are commanding double digit salary increases, according to the Michael Page Salary & Skills Guide 2020.

Pierre-Emmanuel Dupil, senior managing director, PageGroup, Middle East & Africa, said: “High demand in the Saudi market and competition between major projects to attract talent obviously triggers that trend.”

The report revealed the top reasons people are living and working in the Middle East are career prospects, salary and standard of living; while the top three aspects of their job people are most satisfied with are the current industry/sector, level of responsibility and their manager.

It found that 42 percent of job seekers would consider leaving a company lacking professional growth opportunities, but overall, 80 percent of candidates are positive about the future job market situation.

Dupil said: “Based on a relatively stable oil price, the Middle East market has been active overall. Obviously, the Kingdom of Saudi Arabia has been the steering economic engine, while the UAE picked up slightly. While the hiring activity has been supported by consistent public investments, mainly in Abu Dhabi and Saudi Arabia, we also noted positive signs from the private sector in both markets.”

Growing demand
Dupil revealed that there was growing demand for national candidates in both the UAE and Saudi Arabia in the public and private sectors, including multinationals.

According to the report, there was a slowdown in the financial services sector as a result of “major consolidations”.

However, it was the opposite for retail, FMCG and luxury, which showed signed of pick-up after three years of slow activity. “Probably in preparation for Expo 2020,” Dupil said.

Classic support functions, such as finance, procurement and supply chain were seen as stable in terms of recruitment activity but more oriented towards junior and mid-manager profiles. Demand for IT talent, especially data and digital experts, “increased significantly”, supporting companies in their quest for new revenue streams.

“On another note, due to regional specificities and challenges, a demand for legal and consultancy experts was observed,” said Dupil.

While last year saw continued recruitment in the property and construction sectors, given the vast number of projects announced across the region, particularly those satisfying the Saudi Vision 2030.

Source:https://www.arabianbusiness.com/jobs/438069-revealed-which-industries-in-the-middle-east-are-recruiting

Kuwait attracted around $3.2 billion in direct investment between January 2015 and the end of March 2019.

In its annual report for the fiscal year, between April 2019 and March 2019, the Kuwait Direct Investment Promotion Authority (KDIPA) revealed investment over the period totalled almost KD156 million ($514m).

According to the report, the investments were concentrated in the services sector, including information technology, oil and gas, construction, training, health, energy, consultancy, market research and entertainment services, and came from 37 global companies representing 16 foreign and Arab countries from developed and emerging economies.

KDIPA director general, Dr Meshaal Jaber Al Ahmad Al Sabah, said: “The expected economic impact of these investments is extensive as it encourages direct and indirect job creation for Kuwaiti nationals, at various administrative and technical levels.

“It also allows for the execution of highly specialized training programmes, which, in turn, support local research activities and the local economy by generating viable linkages with suppliers and producers’ networks in the sectors associated with these projects.”

Source:https://www.arabianbusiness.com/politics-economics/436519-kuwait-reveals-32bn-direct-investment-over-four-year-period

Jeddah’s new King Abdulaziz International Airport is likely to become fully operational by Ramadan, according to local media reports.

According to an Okaz report that quoted General Authority for Civil Aviation (GACA) spokesman Ibrahim Al-Ruasa, the number of departing and arriving flights has reached 4,900, with 654,000 passengers on board.

Since the airport’s Terminal One began operations in May 2018, over 2.5 million passengers have been transported on board 30,000 flights.

Additionally, Al-Ruasa revealed that the customers will now receive a 50 percent discount on parking tickets if they are paid through self-service machines. The move follows a wave of complaints over the SAR 10 per hour price of parking at the airport, compared to SAR 3 at Jeddah’s old airport.

Three necessary bridges remain to be built at the facility, he added.

To date, Saudia is the only carrier operating from the airport, and a SAR 1 billion contract for ground services has been signed with Flynas to provide ground handling services with the airline.

Source:https://www.arabianbusiness.com/transport/436822-jeddahs-new-airport-to-be-fully-operational-by-ramadan