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Dubai Municipality has announced several investment opportunities in the emirate’s public parks, such as the event spaces, and the allocation of different areas for restaurants and small shops.

Investors are being sought for Creek Park, Mamzar Smart Park, Mushrif Park, Zabeel Park and Safa Park in addition to the Quranic Park recently opened by Dubai Municipality in Al Khawaneej at a total cost of about AED130 million, a statement said.

Dawoud Al Hajri, director general of Dubai Municipality, said: “Dubai Municipality is making significant contributions by providing a conducive and encouraging environment for foreign and domestic investment.”

Najeeb Mohammed Saleh, director of planning department at Dubai Municipality added: “The aim of these opportunities is to invest approximately 10 percent of the area of ​​each park to implement investment projects to serve the community and raise the level of happiness of visitors to public parks.”

Creek Park, which includes the Dubai Dolphin Centre and the Children’s City, received nearly 3.8 million visitors over the last three years while Mamzar Smart Park offers beach facilities, children’s games, chalet rentals and beach sports courts, as well as swimming pools, a skating arena, and a variety of activities.

Mushrif Park has an international village that provides 13 models for Arab and foreign residences while Zabeel Park attracted nearly 3.1 million visitors over the past three years.

Safa Park features a mini-garden for women plus cafeterias, mosques, theatre, jogging track and sports ground service.

Source:https://www.arabianbusiness.com/banking-finance/418166-dubai-offers-investment-opportunities-in-major-public-parks

Sources say Saudi Arabia’s Maharah Human Resources is seeking to raise more than $200m in an initial public offering
Saudi Arabia’s Maharah Human Resources is seeking to raise more than $200 million in an initial public offering that’s likely to start next week, according to people familiar with the matter.

Maharah plans to offer 30 percent of its existing share capital to investors through a listing on the kingdom’s stock exchange, the people said, asking not to be identified because the matter is private. The offering will be open to both institutional and retail investors, the people said.

The company will be the first HR firm to list on the Saudi bourse, which predominantly trades banking and energy-related stocks. Maharah, which was formed in 2013, had more than 1 billion riyals ($266.7 million) in revenue last year, the people said.

Maharah’s IPO application has been approved by the Saudi regulator, CEO Yousef Al-Gafari said in an emailed statement. The company, which has a strong presence in Saudi Arabia, has set its future goals and developed its expansion plans to meet the kingdom’s 2030 diversification plan, he said.

Momentum is picking up in the $570 billion Saudi bourse as investors prepare for the inclusion in the emerging-markets group by MSCI and FTSE Russell.

Foreigners have been net buyers of stocks every week this year, helping the main equities gauge climb 18 percent – the fifth best performance among major gauges tracked by Bloomberg in 2019.

Fawaz Alhokair Group, the Saudi retailer that owns the franchise for brands like Banana Republic and Zara, said this week it plans to sell shares in its malls unit, seeking to raise as much as $1 billion.

Maharah started weighing IPO plans last year that would give the human-resources service provider a valuation of about 3 billion riyals ($800 million), people familiar with the matter said in October.

Samba Financial Group is underwriting and advising on the sale, while Himmah Capital is acting as the independent adviser, the people said at the time.

Maharah recruits foreign workers and helps secure work visas for employees in industries including medicine, retail and hospitality, according to its website.

Source:https://www.arabianbusiness.com/markets/418149-saudi-recruitment-firm-said-to-plan-200m-share-sale

The Saudi capital city of Riyadh will be the 51st destination to join the Emirates A380 network when it launches on Sunday

Emirates said on Thursday it will make Riyadh its newest Airbus A380 service when it launches the superjumbo on the route from Sunday.

The Saudi capital city will be the 51st destination to join the Emirates A380 network.

Flight EK 817/818, currently operated by a Boeing 777-300ER, will will be operating on the route five times a week, the airline said.

Adil Al Ghaith, senior vice president Commercial Operations Gulf, Middle East & Iran said: “With the introduction of a regularly scheduled A380 service to Riyadh, Emirates is once again reaffirming its ongoing commitment to the kingdom of Saudi Arabia by catering to growing passenger demand.

“The introduction of the A380 to Riyadh also supports Saudi Vision 2030 by helping to grow the kingdom’s aviation sector through stimulating robust traffic growth, increasing connectivity and deepening its global footprint.”

The Emirates A380 aircraft that will serve the Dubai-Riyadh route will be set in a three-class configuration, with 429 spacious seats in Economy on the main deck, 76 fully flatbed seats in Business Class and 14 First Class private suites on the upper deck.

The airline previously deployed two one-off A380 missions to Riyadh in celebration of the kingdom’s National Days, and displayed its A380 aircraft at the recent Saudi International Airshow 2019.

Source:https://www.arabianbusiness.com/travel-hospitality/418097-emirates-says-to-make-riyadh-its-newest-a380-route