Banan Real Estate takes charge of setting up investment fund for new Riyadh project
Banan Real Estate Company has signed a memorandum of understanding (MoU) with Abdulaziz & Saad Al-Moajil Trading and Investment Company to develop a land plot in Riyadh.
The company will be appointed as the exclusive developer and marketer of the project, Banan said in a statement to the Saudi stock exchange.
The company will be responsible for negotiating on the landowner's behalf with real estate investment funds and working to establish an investment fund for the development of the project.
The 7,425 square metre land plot is located in Al-Qirawan district of Riyadh.
The three-month MoU, extendable upon mutual agreement, aims to reach a new detailed agreement for the development of the project and the structuring of the fund.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
5 hours ago
- Zawya
Egypt: President El-Sisi Meets the Managing Director of the International Finance Corporation
Today, President Abdel Fattah El-Sisi met with Managing Director of the International Finance Corporation (IFC), Mr. Makhtar Diop. The meeting was also attended by Vice President and General Counsel for IFC, Mr. Ethiopis Tafara, and Minister of Planning, Economic Development, and International Cooperation, Dr. Rania Al Mashat. Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said President El-Sisi appreciated IFC's cooperative relations with Egypt over the past years. The President emphasized Egypt's keenness on further strengthening this collaboration, particularly in light of the ongoing regional developments, which create formidable challenges on development programs. Mr. Diop agreed with the President and stressed the Corporation's commitment to its fruitful cooperation with Egypt. The meeting explored opportunities for joint efforts to enhance investment flows into Egypt and to facilitate financing for the private sector. President El-Sisi confirmed the importance of providing competitive financing rates to reduce costs. He noted that Egypt is adopting a series of policies as well as structural and economic reforms aimed at maintaining financial and economic stability. The President affirmed that the state is committed to boosting the private sector's role in economic activity and development and is working to bolster private sector confidence in the economy by offering numerous tax and customs facilities to reduce costs and streamline procedures. Additionally, the government is launching initiatives aimed at increasing exports, developing productive and service activities, and expanding public-private partnership projects. The IFC's Managing Director lauded Egypt's economic reform measures, which enhance investor confidence and improve the investment climate. He asserted that joint programs between both parties will continue to further advance cooperation and support the competitiveness of the Egyptian economy. Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
Khaleej Times
5 hours ago
- Khaleej Times
Meta's $14.8 billion Scale AI deal latest test of AI partnerships
Facebook owner Meta's $14.8 billion investment in Scale AI and hiring of the data-labeling startup's CEO will test how the Trump administration views so-called acquihire deals, which some have criticized as an attempt to evade regulatory scrutiny. The deal, announced on Thursday, was Meta's second-largest investment to date. It gives the owner of Facebook a 49% nonvoting stake in Scale AI, which uses gig workers to manually label data and includes among its customers Meta competitors Microsoft and ChatGPT creator OpenAI. Unlike an acquisition or a transaction that would give Meta a controlling stake, the deal does not require a review by U.S. antitrust regulators. However, they could probe the deal if they believe it was structured to avoid those requirements or harm competition. The deal appeared to be structured to avoid potential pitfalls, such as cutting off competitors' access to Scale's services or giving Meta an inside view into rivals' operations - though Reuters exclusively reported on Friday that Alphabet's Google has decided to sever ties with Scale in light of Meta's stake, and other customers are looking at taking a step back. In a statement, a Scale AI spokesperson said its business, which spans work with major companies and governments, remains strong, as it is committed to protecting customer data. The company declined to comment on specifics with Google. Alexandr Wang, Scale's 28-year-old CEO who is coming to Meta as part of the deal, will remain on Scale's board but will have appropriate restrictions placed around his access to information, two sources familiar with the move confirmed. Large tech companies likely perceive the regulatory environment for AI partnerships as easier to navigate under President Donald Trump than under former President Joe Biden, said William Kovacic, director of the competition law center at George Washington University. Trump's antitrust enforcers have said they do not want to regulate how AI develops, but have also displayed a suspicion of large tech platforms, he added. "That would lead me to think they will keep looking carefully at what the firms do. It does not necessarily dictate that they will intervene in a way that would discourage the relationships," Kovacic said. Federal Trade Commission probes into past "aquihire" deals appear to be at a standstill. Under the Biden administration, the FTC opened inquiries into Amazon's deal to hire top executives and researchers from AI startup Adept, and Microsoft's $650 million deal with Inflection AI. The latter allowed Microsoft to use Inflection's models and hire most of the startup's staff, including its co-founders. Amazon's deal closed without further action from the regulator, a source familiar with the matter confirmed. And, more than a year after its initial inquiry, the FTC has so far taken no enforcement action against Microsoft over Inflection, though a larger probe over practices at the software giant is ongoing. A spokesperson for the FTC declined to comment. David Olson, a professor who teaches antitrust law at Boston College Law School, said it was smart of Meta to take a minority nonvoting stake. "I think that does give them a lot of protection if someone comes after them," he said, adding that it was still possible that the FTC would want to review the agreement. The Meta deal has its skeptics. U.S. Senator Elizabeth Warren, a Democrat from Massachusetts who is probing AI partnerships involving Microsoft and Google, said Meta's investment should be scrutinized. 'Meta can call this deal whatever it wants - but if it violates federal law because it unlawfully squashes competition or makes it easier for Meta to illegally dominate, antitrust enforcers should investigate and block it," she said in a statement on Friday. While Meta faces its own monopoly lawsuit by the FTC, it remains to be seen whether the agency will have any questions about its Scale investment. The U.S. Department of Justice's antitrust division, led by former JD Vance adviser Gail Slater, recently started looking into whether Google's partnership with chatbot creator was designed to evade antitrust review, Bloomberg News reported. The DOJ is separately seeking to make Google give it advance notice of new AI investments as part of a proposal to curb the company's dominance in online search.
Khaleej Times
5 hours ago
- Khaleej Times
Dubai developer aims to invest Dh2.1 billion across projects in UAE
Clédor, a real estate development and investment firm based in Dubai, is aiming to invest Dh2.1 billion across its protfolio of projects across the UAE, the company's CEO said. The firm recently launched Arthouse Residences in Al Marjan Island, a branded residential project in collaboration with Arthouse Hotel NYC and Prospect. Valued at Dh400 million, this development is the first-ever Arthouse-branded residential project outside of the US and is set to redefine cultural luxury living in the UAE. 'Out of the total investment of Dh2.1 billion, the remaining 1.7 billion will be in Dubai, but only in prime micro markets. We have two projects, one coming up in Meydan 1, and a villa project coming up in Wadi Al Safa. We'll be launching these projects immediately after our RAK launch,' Omar Gull, Founder of Clédor, said. With a handover scheduled for Q1 2028 and prices starting at Dh925,000, the project is poised to attract both end-users and global investors to Ras Al Khaimah's growing luxury landscape. Abdulla Al Abdouli, CEO of Marjan, added: 'The exquisite mix of fascinating nature and well-preserved history of Ras Al Khaimah has made Al Marjan Island a magnet for iconic developments and international brands. The launch of Arthouse Residences reinforces our commitment to elevating the island into a world-class destination that offers unmatched lifestyle experiences. We are delighted to welcome a brand like Arthouse, which adds cultural richness, design excellence, and global prestige to our master-planned community.' The project introduces 201 units to Al Marjan Island, ranging from studios to one-bedroom apartments and one-bedroom duplexes, as well as 4 F&B-focused retail units. Gull does not envisage the shrinking land bank in Dubai to be a problem for developers. 'Yes it is true that the land bank is shrinking, but there is a lot of land that was sold before 2008 that is still available for development. So there's a lot of opportunity of outright purchase and restructuring,' Gull said. While most analysts are forecasting a softening of the real estate market this year, Gull remains unphased. 'It's simple mathematics — the UAE's projected population increase is around 160,000 while the total number of units to be delivered is between 30,000 to 40,000. That's four people per apartment, which is actually pretty high. So far there's a shortfall getting created over the last three to four years, so even when we see a higher supply than last year and the previous year's sales, there actually is a pent up demand which has picked up it's going to service that demand, So I don't see supply leading to any sort of softening in the market,' Gull said.
