LONDON: Global political and economic turmoil is hurting many businesses — but not those involved in offering citizenship through investment.
Mohammed Asaria, vice chairman of Range Developments, is one such entrepreneur selling stability in unstable times to people across the Middle East.
He does not pull any punches when asked if by selling citizenship to the wealthy he is making money from misery?
“Instability brings volatility and yes, instability attracts people to our business, it is a driver for it,” Asaria told Arab News during an interview in London.
“Whether that’s actual instability or perceived instability. So yes, the short answer is yes.”
It is honesty that is as refreshing as it is unexpected.
But Asaria — whose company has been selling citizenship to St. Kitts since 2012, Dominica since 2014 and St. Lucia since July, in return for investments into hotels that Range builds and develops — doesn’t feel the need to preach the virtues of what he is doing at the expense of ignoring basic facts.
“If everywhere didn’t have any instability and everyone was happy where they were, you wouldn’t see this cosmopolitan diversity (we see here in London).”
While peace and harmony won’t stop people from wanting to spend their summer in the UK capital, it’s clear he has a point — whole countries’ and cities’ make-up and culture have been created by historical woes prompting people to seek pastures new. For Asaria, whose parents were forced to flee Idi Amin’s Uganda and move to the UK, it is just a fact of life.
“You had it here after Brexit where you had people looking for Irish ancestry so they could apply for an Irish passport, the numbers rose by two-thirds last year,” Asaria said.
“That’s a lot of passports and that’s instability caused by Brexit. And yes instability in the Middle East does bring people toward our business.
“But I also think the notion of citizenship has changed over the past few years. Citizenship these days is conferred by birth but also by contribution; be it social, philanthropic or economic.
“St. Kitts, St. Lucia and Dominica have citizenship by investment programs enshrined in their legislation.”
Asaria said business is growing year on year and not just because of global political strife.
“We started in 2012, a year after the Arab Spring. I can’t tell you what happened before ‘12, but we’ve had consistent growth in this business,” he said.
“A lot of the growth is down to more people knowing us and what we do, and another part is that we’re now selling investments in built hotels, so people can see what they’re investing in rather than details on a piece of paper.”
So who are his clients and what makes them seek out citizenship of a Caribbean island in return for a stake in a hotel?
“40 percent of our clients are from the Middle East, 40 percent from China and the rest elsewhere,” Asaria reveals.
“The reasons behind buying citizenship depends on who and where you are. If you’re from China it’s about perceived economic instability.
“If you’re from Lebanon then it’s the political sphere which is going to drive it.
“Then there’s the Palestinians. That poor nationality only have travel documents so they really need a citizenship document. They were my first clients, the first group to come to me.
“Then you look at individuals looking for the travel benefits. People suffering applying for visas, and then certain people who see this as part of their tax plan structure.
“This investment gives people flexibility and options, for their families.”
The cost of the citizenship schemes vary. For an investment in the St. Kitts hotel, a Park Hyatt set to open in November, you’d need to part with $400,000 to buy a share in the hotel, then pay $50,000-$60,000 to the government. If you have a spouse you pay an extra $25,000 and each dependent is another $15,000-$25,000 depending on their age.
What is clear is that Asaria thinks this is a great deal for any investor. Not only do they get a new passport, but also a stake in what he hopes is a profitable business.
“It’s an investment — it should generate you income and capital-appreciation,” he stressed.
“If you look at our website it’s not all about citizenship in 60 days. It’s really promoting the investment in citizenship as an add-on service, which really it is. You are coming in and getting a share of what will hopefully be a profitable hotel.”
Other than the moral questions posed by such a scheme, the other criticism levelled at these types of program is that they could be misused. Back in 2014, for example, the US Treasury Department warned that passports obtained through the St. Kitts scheme had been used to facilitate financial crime.
Asaria, however, said that there are now enough safeguards to prevent any dodgy characters from using the scheme for illegal activities.
“In St. Kitts they have a list of 20 documents you have to supply. It covers everything. They’re looking how you made your money, they don’t want anyone who’s made their money in a funny way coming in, they want to make sure you haven’t committed any crimes and are not likely to commit any crimes.
“They also continue to monitor you for the first five years of your citizenship. If you do something naughty then they revoke your passport. There are stringent methods in place, they do a lot of due diligence, arguably more than some western European countries in giving these investment visas out. They hire professionals and have third-party due diligence so the chances of it being abused are minimized compared to 10 years ago.”
Meeting Asaria you get the feeling that despite a lot of the criticisms directed at these citizenship-for-investment schemes, he truly believes in them and their potential to help people in difficult situations. And not only the clients who fork out a lot for their new passports, but also the islands which give them citizenship.
He takes pride in telling me that 93 percent of the St. Kitts hotel’s opening workforce is local and that the economic impact of its build and associated labor has been huge. He is also animated when revealing the importance of corporate social responsibility programs Range Developments has on the islands; things such as educational scholarships, sponsoring sports festivals and assisting after storms.
“It’s taking a long-term view. If you’re investing millions in a country and that country has welcomed you, it is only right that you do something to give back,” Asaria said.
Mideast wealthy pay $400,000 to check into new life in Caribbean
Mideast wealthy pay $400,000 to check into new life in Caribbean
IMF reaches staff-level agreement with Pakistan on first review of $7 billion bailout
- Review will ensure “total access over the 28 months of around $1.3 billion,” the IMF said
- Islamabad secured the $7 billion EFF last summer to help claw its way out of economic crisis
KARACHI: IMF staff and Pakistani authorities have reached a staff-level agreement on the first review under Pakistan’s Extended Fund Facility (EFF) and on a new arrangement under the Resilience and Sustainability Facility (RSF), the IMF said on Tuesday.
Islamabad secured the $7 billion EFF last summer to help claw its way out of an economic crisis, with an immediate disbursement of about $1 billion.
“The strong implementation of the EFF-supported program continues, and the authorities remain committed to advancing a gradual fiscal consolidation to sustainably reduce public debt, maintaining a sufficiently tight monetary policy to keep inflation low, accelerating cost-reducing energy sector reforms to enhance its viability, and implementing Pakistan’s reform agenda to accelerate growth, while strengthening social protection and health and education spending,” the IMF said in a statement as it announced the staff-level agreement.
The agreement comes after an IMF team led by Nathan Porter held discussions from February 24-March 14 in Karachi and Islamabad.
The review will ensure “total access over the 28 months of around $1.3 billion,” the IMF said.
“The staff-level agreement is subject to approval of the IMF’s Executive Board. Upon approval, Pakistan will have access to about $1.0 billion (SDR 760 million) under the EFF, bringing total disbursements under the program to about $2.0 billion.”
Porter said over the past 18 months, Pakistan had made significant progress in restoring macroeconomic stability and rebuilding confidence despite a challenging global environment.
“While economic growth remains moderate, inflation has declined to its lowest level since 2015, financial conditions have improved, sovereign spreads have narrowed significantly, and external balances are stronger,” the statement said.
Porter said it was critical to entrench the progress achieved over the past one and a half years, building resilience by further strengthening public finances, ensuring price stability, rebuilding external buffers and eliminating distortions in support of stronger, inclusive and sustained private sector-led growth.
The IMF program has played a key role in stabilizing Pakistan’s economy and the government has said the country is on course for a long-term recovery.
Meanwhile, the RSF will support Pakistan’s efforts in building resilience to natural disasters, enhancing budget and investment planning to promote climate adaptation, improving the efficient and productive use of water, strengthening the climate information architecture to improve disclosure of climate risks, and aligning energy sector reforms with mitigation targets.
Pakistani energy giants increase investment in Reko Diq copper-gold mine project to $1.25 billion
- Reko Diq, one of the world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan
- Feasibility study shows project has a mining life of 37 years and is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold
KARACHI: Pakistani state-owned Oil & Gas Development Company Ltd. (OGDCL) and Pakistan Petroleum Ltd. (PPL) have increased their investments in the Reko Diq gold and copper mining project to $1.25 billion, the energy firms said in separate filings in the Pakistan Stock Exchange (PSX).
The OGDCL and PPL, each holding 8.33 percent stake in the multi-billion-dollar project through Pakistan Minerals (Private) Limited, have completed their feasibility studies. The third state-owned shareholder is Government Holdings (Private) Limited, according to the stock filings.
Each of the two oil and gas explorers have decided to increase their funding commitment with respect to the project, reflecting their pro rata share of total capital investment, inclusive of project financing costs, to $627 million. The financing cost is to be adjusted according to the actual project cost and inflation.
On Tuesday, the Economic Coordination Committee (ECC) of the federal cabinet also approved a summary regarding the Reko Diq project and changes in its overall development plan, the Finance Division said in a statement.
“The ECC took up a summary by the Petroleum Division regarding the Reko Diq Project and changes in its overall development plan and related financial commitments and project finance considerations due to inflation and enhanced scope of the project concerning capacity, energy mix, alternative water supply options and updated processing plants and machinery,” the statement read.
“The ECC noted the factors leading to the project escalations, and approved the proposals contained in the summary with the directions to the Ministries of Petroleum & Finance to continue close coordination with a view to ensuring timely implementation of all agreed actions.”
Reko Diq, one of the world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan. Out of the total shareholding of Reko Diq project, 25 percent is held by the provincial government of Balochistan — 15 percent on a fully funded basis through Balochistan Mineral Resources Limited and 10 percent on a free carried basis — and 50 percent is held by Barrick Gold Corporation which is the operator of the project.
As per the estimates, the increase in copper and gold prices has offset the impact of higher project costs, according to the two energy firms. The feasibility study of the project shows it has a mining life of 37 years and is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold.
The project will be executed in two phases, with the phase one having an estimated capital outlay of $5.6 billion that is exclusive of the financing costs and inflation. It is planned to be funded through a limited-recourse project financing facility of up to $3 billion with the remaining funded through shareholder contributions, the OGDCL and PPL said.
The energy companies plan to fund the second phase through a mix of revenue generation from the project, additional project financing and shareholder contributions, if required. Under the updated feasibility study phase one is planned to process 45 million tons per annum (Mtpa) of mill feed from 2028. While phase two is planned to double the processing capacity to 90 Mtpa by 2034.
The project will leverage five of the currently identified 15 porphyry surface expressions within the current mining lease, highlighting substantial future growth potential. Negotiations for the proposed project financing are ongoing.
Closing Bell: Saudi main index closes in red at 11,706
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 71.87 points, or 0.61 percen,t to close at 11,706.21.
The total trading turnover of the benchmark index was SR5.47 billion ($1.46 billion), with 72 of the listed stocks advancing and 161 declining.
The Kingdom’s parallel market Nomu gained 3.11 points to close at 30,613.74, while the MSCI Tadawul Index edged down by 0.65 percent to 1,483.55.
The best-performing stock on the main market was Umm Al Qura for Development and Construction Co. The firm’s share price surged by 7.69 percent to SR21.
The share price of Abdullah Saad Mohammed Abo Moati for Bookstores Co. increased by 3.54 percent to SR38, and Bawan Co. also saw its stock price rise by 2.9 percent to SR49.65.
Conversely, the share price of MBC Group Co. dropped by 5.51 percent to SR44.60.
On the announcements front, Perfect Presentation for Commercial Services Co. said that its net profit for 2024 reached SR163.33 million, representing a rise of 26.33 percent compared to the previous year.
In a Tadawul statement, the company revealed that its gross profit increased by 19.26 percent year on year in 2024 to reach SR250.92 million.
The share price of Perfect Presentation for Commercial Services Co. dropped by 1.19 percent to SR13.26.
Alamar Foods Co. said its net profit stood at SR35.01 million in 2024, representing a decline of 38.11 percent compared to the previous year.
In a Tadawul statement, the food company revealed that the decline in net profit was due to weaker sales driven by ongoing regional geopolitical issues.
The stock price of Alamar Foods Co. edged down by 1.39 percent to SR70.80.
Saudi PIF ranks 2nd globally for sovereign investor activity in Feb. with $3bn in deals
RIYADH: Saudi Arabia’s Public Investment Fund ranked as the world’s second most active sovereign investor by deal value in February, committing $3 billion in global transactions.
Global SWF, a data platform tracking activity in the sector, reported that Canada’s public pension fund topped the rankings with a $7 billion deal. The Kingdom’s PIF emerged as the most active sovereign wealth fund, completing three overseas deals through its portfolio companies.
Globally, sovereign investors executed 22 deals worth a combined $16.5 billion. Alongside PIF and CDPQ, other major players included South Korea’s National Pension Service, which committed $1.6 billion to a real estate transaction, and Canada’s BCI, with a $1.3 billion infrastructure deal.
This surge in cross-border activity highlights a growing trend among sovereign and public investors — particularly those in the Gulf region — to seize emerging global opportunities while hedging against domestic economic fluctuations.
Established in 1971, PIF has undergone a dramatic transformation since 2015 under the leadership of Crown Prince Mohammed bin Salman. Once a primarily domestic fund, it has evolved into a globally influential SWF managing $925 billion in assets and driving the Kingdom’s Vision 2030 agenda.
PIF’s rapid rise in less than a decade underscores the scale and ambition of Saudi Arabia’s investment-led economic diversification strategy.
It began 2025 by continuing to expand its global footprint across sectors such as entertainment, aviation, and finance.
This acceleration followed a series of strategic shifts during the fourth quarter of 2024, as the fund restructured its portfolio in line with long-term priorities and Vision 2030 goals.
According to its latest 13F SEC filing, PIF’s US equity holdings stood at $26.71 billion at the end of 2024, marking a 24 percent year-on-year decline. This reflects a more cautious and selective investment stance, as the fund scaled back on consumer-focused positions while pivoting to sectors with perceived long-term resilience.
Notably, PIF exited its holdings in Walmart and Marriott while ramping up exposure to healthcare and life sciences, including new or expanded stakes in Thermo Fisher Scientific, Abbott Labs, and Regeneron Pharmaceuticals.
It also increased its stake in electric vehicle manufacturer Lucid Motors by $495 million, more than doubled its investment in Amazon, and reduced its exposure to Uber by $1.08 billion — moves that signal a recalibrated strategy emphasizing selectivity and long-term value.
Building on this repositioning, PIF took steps in early 2025 to fund domestic giga-projects and extend its international reach. In January, the fund issued a US dollar-denominated bond, sold Thiqah Business Services to Elm for $907 million, and acquired a 23 percent stake in Saudi Re to bolster the Kingdom’s insurance sector and financial resilience.
In capital markets, PIF made a $200 million anchor investment in the SPDR Saudi bond ETF, launched in January on the London and Frankfurt exchanges.
This move aims to internationalize Saudi Arabia’s debt market, following similar ETF initiatives in Hong Kong in late 2023 and Tokyo in December 2024, helping deepen the Kingdom’s financial links with Asia and beyond.
PIF has continued to strengthen its presence in sports and gaming in 2025. Its subsidiary, Savvy Games Group, acquired Niantic’s gaming division, including Pokémon Go, for $3.5 billion — marking a major move in mobile and AR gaming.
The wealth fund also remains engaged in complex negotiations with the PGA Tour over integrating LIV Golf, a key element in its broader sports investment strategy.
In the UK, the fund reaffirmed its long-term commitment to Newcastle United FC through “Project 2030” and is reportedly exploring a 49 percent stake in Newcastle International Airport, positioning itself to create synergies between its travel and sports portfolios.
Egypt signs International Finance Corp. deal to expand private sector role in airports
RIYADH: Egypt’s airport sector is set for increased private sector participation thanks to a new agreement with the International Finance Corp., which aims to modernize infrastructure, boost capacity, and attract foreign investment.
Prime Minister Mostafa Madbouly oversaw the signing ceremony at the government’s new administrative capital, where Egypt’s Planning Minister Rania Al-Mashat, Civil Aviation Minister Sameh Al-Hefny, and IFC Vice President for Africa Sergio Pimenta formalized the deal.
The agreement builds on Egypt’s ongoing partnership with the World Bank’s private sector arm, extending advisory services that support the country’s privatization efforts.
“The agreement signed today ... is an extension to strengthen cooperation with the International Financing Corp. to provide advisory services for the governmental proposals program,” Madbouly said in a statement posted on the government’s official Facebook page.
He added that the IFC “will provide consultative services to expand the participation of the private sector of the airport sector” in the Egyptian market.
“This is an important partnership that will contribute to the improvement of the services provided and the capacity of Egyptian airports,” Madbouly added.
The agreement aligns with Egypt’s broader strategy to leverage the IFC’s expertise in attracting both local and foreign investments, providing technical support to national agencies, and fostering public-private partnerships, the prime minister highlighted.
Planning Minister Al-Mashat noted that “the government is aiming to expand private sector partnerships in the airport sector, coinciding with strong growth in the tourism, transport, and storage sectors during the first quarter of the current financial year.”
She highlighted that private sector investments now account for a record 63 percent of total investment, driven by a surge in tourism in 2024, bolstered by Egypt’s preparations for the Grand Egyptian Museum’s opening — a reflection of rising airport traffic and growing opportunities for private sector involvement.
Al-Mashat noted that the government has paved the way for these steps by enhancing macroeconomic stability, implementing measures to control public finances, enacting structural reforms to stimulate the private sector, and fostering an investment climate to attract both local and foreign investors.
Civil Aviation Minister El-Hefny stated that under the agreement, the ministry aims to develop a strategic plan to identify airport projects suitable for private sector partnerships.
IFC’s Vice President for Africa Pimenta said that enhancing Egypt’s airport infrastructure through public-private partnerships will drive economic growth. He added that the program will help attract global investors to build modern, high-efficiency airports, strengthening Egypt’s position as a global hub for travel and trade.
Between July 2023 and May 2024, Egypt saw an influx of $900 million in investments from the IFC — a testament to the sustained momentum of financial inflows into the country’s economic landscape, Al-Mashat said during the “IFC Day in Egypt” event held in May.
