Madinah real estate project 11% complete in only five months: CEO

Ahmed Aljuhani, CEO of Rua Al Madinah Holding (Screenshot)
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Updated 23 January 2023
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Madinah real estate project 11% complete in only five months: CEO

RIYADH: A mega mixed-used real estate development in Madinah is already more than 10 percent finished despite only being announced five months ago, according to the man responsible for its construction.

Rua Al Madinah Project will span 1.5 million sq m.  — of which 63 percent will be open and green spaces — and feature 47,000 hotel rooms.

It was announced by Crown Prince Mohammed bin Salman in August 2022, and speaking at the Real Estate Future Forum taking place in Riyadh on Jan. 23 Ahmed Aljuhani – CEO of Rua Al Madinah Holding – gave an update on its progress.

“Through our project, we will provide 50 percent of the market’s needs,” he added.

Aljuhani noted that the scheme was created to develop the private sector, and more importantly enhance the experience of the 30 million visitors that the project is expected to accommodate in Al-Madina by 2030. 

In addition to helping achieve the goals of the Hajj, Umrah, and travel sectors outlined in Saudi Vision 2030, the development is set to revive the city’s cultural and architectural heritage.  

It will also boast nine bus stops, a metro station, tracks for self-driving vehicles and underground parking, all of which will provide easy access to the mosque and the surrounding residential and commercial developments. 

Rua Al Madinah company has also been proclaimed as the sustainable partner of the forum, according to a recent press release.  

“We are delighted to serve as a sustainable partner of this key annual event, which has become an important platform for dialogue,” stated Aljuhani in the press release.  

“Our company is committed to the goals of the forum and we look forward to positive outcomes that will help the company apply smart solutions across its future projects. These include initiatives that place smart-city sustainability at their core to assist in achieving the objectives of Vision 2030’s Quality of Life Program.

The second edition of Real Estate Future Forum is seeing participation from more than 30 countries and 100 speakers representing the public and private sectors.

Real estate experts are expected to work on attracting real estate investors into the country, examine the obstacles facing the sector, as well as find ways to utilize the technological upgrades in favor of the real industry in Saudi Arabia.


Saudi Arabia’s Wafi Energy becomes majority shareholder in Shell Pakistan

Updated 36 sec ago
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Saudi Arabia’s Wafi Energy becomes majority shareholder in Shell Pakistan

  • Wafi Energy, an affiliate of Asyad Group, holds approximately 87.78% of the total issued share capital of SPL
  • SPL has a network of 600+ sites, countrywide storage facilities and broad portfolio of global lubricant brands

ISLAMABAD: Wafi Energy Holding has become the majority shareholder of Shell Pakistan after Shell Petroleum Co., a subsidiary of global Shell plc, completed the sale of its 77.42 percent interest in SPL, a statement from the group said on Thursday.

Wafi Energy, an established Saudi company and an affiliate of the Asyad Group, now holds approximately 87.78 percent of the total issued share capital of SPL. The Shell brand will remain in Pakistan through retail and brand licensing agreements, with SPL as the exclusive brand licensee.

“Wafi Energy is excited to announce its entry into Pakistan by acquiring majority ownership of Shell Pakistan Limited. This marks a significant milestone in the Asyad Group’s commitment to expanding its presence in Pakistan and the region,” Ghassan Amoudi, CEO of Asyad Holding Group and incoming chairperson of SPL, said.

“As the exclusive Shell Licensee, we are delighted that the Shell brand remains in Pakistan. This continuation builds on a strong legacy, supported by a team of highly skilled professionals who ensure customers have access to Shell’s premium fuel and lubricant offerings, all delivered with the highest safety and security standards.”

Waqar Siddiqui, the CEO and managing director of Shell Pakistan Limited, said the company would continue to build a “sustainable energy future for Pakistan,” combining Wafi Energy’s commitment to growth and investment and Shell’s strong legacy of innovation and trust in the country.

“This new chapter offers Shell Pakistan Limited the opportunity to build upon this strong foundation, ensuring the continued delivery of quality products to their valued customers,” Siddiqui added.

SPL is one of the oldest multinationals in Pakistan with a network of 600+ sites, countrywide storage facilities and a broad portfolio of global lubricant brands. 

Shell has endeavored to support Pakistan’s developmental priorities, from developing and distributing energy by land, air and sea, to providing petroleum products for the construction of mega projects like the Mangla Dam and Kotri Barrage, expanding the country’s growing road infrastructure, to powering the first flights of Pakistan International Airlines, and supporting the next generation of innovative entrepreneurs in Pakistan.


Oil Updates – crude gains more than $1/bbl on reports Iran preparing strike on Israel

Updated 17 min 18 sec ago
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Oil Updates – crude gains more than $1/bbl on reports Iran preparing strike on Israel

  • Iran prepares strike on Israel from Iraq — Axios report
  • Focus on US elections, China NPC meeting next week

SINGAPORE: Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.

Brent crude futures, which have rolled to the January contract, climbed $1.41, or 2 percent, to $74.22 a barrel by 7:56 a.m. Saudi time.

US West Texas Intermediate crude futures rose $1.46, or 2.1 percent, to $70.72 a barrel after settling up 0.95 percent in the previous session.

Israeli intelligence suggests Iran is preparing to attack Israel from Iraqi territory in the coming days, possibly before the US presidential election on Nov. 5, Axios reported on Thursday, citing two unidentified Israeli sources.

The attack is expected to be carried out from Iraq using a large number of drones and ballistic missiles, the Axios report added.

Oil prices were also supported by expectations that OPEC+ could delay December’s planned increase to oil production by a month or more, four sources close to the matter told Reuters on Wednesday, citing concern about soft oil demand and rising supply. A decision to delay the increase could come as early as next week, two of the sources said.

However, prices are set to fall more than 1 percent for the week, struggling to recover from a 6 percent loss on Monday after Israel’s strike against Iran’s military on Oct. 26 bypassed oil and nuclear facilities and did not disrupt energy supplies.

“Despite the crude oil market looking to lock in a third straight day of gains, it has been unable to completely erase the large gap lower that followed Monday’s re-open,” said IG market analyst Tony Sycamore based in Sydney.

However, WTI’s rebound should extend back toward where it closed last Friday at about $71.80, he added, as tensions in the Middle East returned to focus.

“After that, though, all bets are off. I think it will depend on who wins the US election and what fiscal stimulus details, if any, come from the NPC standing committee meeting,” Sycamore said, referring to major events in the US and China, world’s largest oil consumers, next week.

In China, manufacturing activity swung back to growth in October, a private-sector survey showed on Friday, echoing an official survey on Thursday that showed manufacturing activity expanded in October for the first time in six months. Both surveys suggest stimulus measures are having an effect.

US gasoline stockpiles fell unexpectedly last week to a two-year low on strengthened demand, the Energy Information Administration said on Wednesday, while crude inventories also posted a surprise drawdown as imports slipped.

The world’s largest oil producer pumped a monthly record high of 13.4 million barrels per day in August, EIA said.
 


Pakistani PM pitches energy, infrastructure, technology investments in meeting with Qatari businessmen

Updated 34 min 19 sec ago
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Pakistani PM pitches energy, infrastructure, technology investments in meeting with Qatari businessmen

  • Shehbaz Sharif’s visit to Qatar seeks to bolster economic cooperation as Pakistan eyes foreign investment
  • The prime minister highlighted numerous opportunities that make Pakistan an attractive investment destination

ISLAMABAD: Prime Minister Shehbaz Sharif met a delegation of the Qatar Businessmen Association (QBA) and invited them to invest in Pakistan’s energy, infrastructure and technology sectors, Sharif’s office said on Friday, during his visit to the Gulf nation.

Sharif’s visit to Qatar, which began Wednesday, seeks to bolster economic cooperation as Pakistan eyes foreign investment to stabilize its frail $350 billion economy.

The QBA delegation, led by Sheikh Faisal Bin Qassim Al-Thani, comprised leading Qatari business figures, each representing influential sectors within Qatar’s economy.

PM Sharif highlighted numerous opportunities in sectors such as energy, infrastructure and finance that made Pakistan an attractive investment destination, according to his office.

“Delegates expressed interest in Pakistan’s economic landscape and, in particular, in upcoming projects in energy, technology, and infrastructure development,” it said in a statement.

“During the meeting, both sides explored potential collaborations that could drive job creation, innovation, and sustainable development in both countries.”

The meeting brought together key representatives from Pakistan and influential members of Qatar’s business community, emphasizing shared goals for strengthening trade, investment and economic partnerships, according to Sharif’s office.

The QBA members responded positively to the prime minister’s invitation and indicated their interest in expanding their investments into Pakistan.

On Thursday, Sharif separately met with Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani and his counterpart from the oil-rich Arab state, with both sides discussing the importance of strengthening bilateral collaboration in trade, investment, energy and other sectors.

Sharif led delegation-level talks with the Qatari emir before holding a separate meeting with him to discuss a wide array of issues.

“The leaders reviewed the entire spectrum of Pakistan-Qatar relations, exploring potential avenues for enhanced cooperation in trade, potential areas of investment, energy, and culture,” Sharif’s office said.

Sharif’s meetings in Doha are primarily focused on trade and investment and regional discussions, according to the Pakistani foreign office.

Before arriving in Doha, Sharif attended the Future Investment Initiative in Riyadh, Saudi Arabia, where he discussed trade and investment with Saudi Crown Prince Mohammed bin Salman.

The talks built on recent agreements worth $2.8 billion, including investments in agriculture, semiconductor manufacturing, and energy, aimed at strengthening Pakistan’s economy and deepening ties between the two nations.


Oil extends gains on reports Iran preparing to strike at Israel

Updated 01 November 2024
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Oil extends gains on reports Iran preparing to strike at Israel

  • Israeli intelligence suggest Iran is preparing to attack Israel from Iraqi territory in the coming days, possibly before the US presidential election on Nov. 5

SINGAPORE: Oil prices extended gains in early Asian trade on Friday, following reports that Iran was preparing a retaliatory strike on Israel from Iraqi territory in the coming days.
US West Texas Intermediate crude futures rose $1.24, or 1.8 percent, to $70.50 a barrel by 2229 GMT after settling up 0.95 percent in the previous session.
Brent crude, which will roll to the January contract, has yet to start trading. The December contract which expired on Thursday closed 0.85 percent higher at $73.17.
Israeli intelligence suggests Iran is preparing to attack Israel from Iraqi territory in the coming days, possibly before the US presidential election on Nov. 5, Axios reported on Thursday, citing two unidentified Israeli sources.
The attack is expected to be carried out from Iraq using a large number of drones and ballistic missiles, the Axios report added. The report said that carrying out the attack through pro-Iran militias in Iraq could be an attempt by Tehran to avoid another Israeli attack against strategic targets in Iran.
Oil prices were also supported by expectations that OPEC+ could delay December’s planned increase to oil production by a month or more, four sources close to the matter told Reuters on Wednesday, citing concern about soft oil demand and rising supply.


Red Sea Global secures $1.5bn for AMAALA infrastructure project

Updated 31 October 2024
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Red Sea Global secures $1.5bn for AMAALA infrastructure project

JEDDAH: Red Sea Global has announced the financial closing of a multi-utility infrastructure development project for the AMAALA destination, totaling around $1.5 billion.

The initiative, led by a consortium including Electricite de France or the EDF Group and Abu Dhabi Future Energy Co., or Masdar, alongside their partners Korea East-West Power Co., or EWP, and SUEZ, is set to position AMAALA as a luxury wellness destination on the Red Sea coast of Saudi Arabia. It is expected to welcome its first guests in 2025.

The financial close was achieved with the support of local and international financial institutions, including First Abu Dhabi Bank, Emirates NBD, and Riyad Bank, as well as Saudi National Bank and Alinma Bank, according to a statement from RSG, adding that the milestone highlights the consortium’s dedication to realizing AMAALA’s promise of unparalleled luxury, sustainability, and cultural enrichment.

Group CEO of RSG, John Pagano, said that they have demonstrated that large-scale tourism destinations can be powered using 100 percent renewable energy while providing luxury experiences for guests and strong financial returns for partners.

“This agreement with EDF, Masdar, EWP, and SUEZ means that we are on track to making AMAALA our second destination powered by sunlight, day and night.”

This achievement comes after the awarding of a 25-year multi-utility concession agreement with RSG in September 2023, which includes an option for extension. The deal encompasses the financing, engineering, and development, as well as construction, operation, maintenance, and eventual transfer of a multi-utilities infrastructure facility to support the AMAALA destination, RSG clarified.

The facility includes a fully optimized and decarbonized off-grid renewable energy system designed to generate electricity from a 250-megawatt solar photovoltaic park, 700MWh battery energy storage, and transmission and distribution lines. Additionally, it features a desalination plant with a capacity of 37 million liters of drinking water per day and wastewater treatment plants to secure the necessary base load.

The project is expected to prevent nearly 350,000 tonnes of CO2e emissions annually compared to typical infrastructures of this nature. It will also serve as a pioneering infrastructure initiative, ushering in a new era of eco-friendly luxury tourism.

Masdar CEO Mohamed Jameel Al-Ramahi highlighted the project’s innovative solutions, including solar power, energy storage, and desalination systems.

Beatrice Buffon, vice president, international division, and chairwoman and CEO of EDF Renewables, described the financial close as a significant achievement enabled by RSG’s support and the dedication of their team and partners.

She added that this initiative sets new standards for the EDF Group and should be replicable in other geographies. She also highlighted that the off-grid project will supply 65,000 people with carbon-free electricity and uninterrupted water access.

Commenting on the announcement, Kim Young-Moon, CEO of EWP said: “We are excited to announce the financial close of our renewable energy project in Saudi Arabia, a significant step in our commitment to a sustainable future.”

Young-Moon added that the project will reduce carbon emissions, improve air quality, and create jobs, boosting local economic growth.

“As we aim to lead the global energy transition, this project is a key milestone, driving innovation in the renewable energy sector and advancing our ambitious goals,” the executive said.

Pierre Pauliac, chief operating officer and executive vice president at SUEZ, said: “We are delighted to contribute to this strategic project for the development of Saudi Arabia. SUEZ will be part of the construction of all the water utilities equipment. In addition, the group will operate during the 25 years the state-of-the-art desalination plant to secure AMALAA’s access to drinking water, as well as the water networks.”

AMAALA will go beyond sustainability to have a regenerative impact on the environment. By 2040, the project plans to achieve a 30 percent net conservation benefit for local ecosystems. 

This will be accomplished by enhancing biologically diverse habitats such as mangroves, seagrass, corals, and land vegetation, promoting biodiversity while contributing to carbon sequestration, according to the statement.

Upon completion, the luxury destination will feature over 4,000 hotel rooms across 30 hotels, and 1,200 high-end residential villas, apartments, and estate homes. It will also host a vibrant community of more than 15,000 residents and workers, creating a dynamic and sustainable living environment.