Saudi: Azad Properties, Apparel Group to introduce leading international and regional retail concepts to Souq7
Under this partnership, 13 retail and dining destinations will be introduced at Souq7, collectively spanning approximately 9,000 square meters of gross leasable area. The mix includes established favorites such as Wings Stop, R&B, Tim Hortons, Allo Beirut, Nando's, Skechers, Grand Centre, Cold Stone, BBZ, Crocs, Babies and More, Sushi Library, and Beverly Hills Polo Club.
Set to open in Q4 2025, these new retail experiences are part of a phased activation strategy that reinforces Souq7's positioning as a next-generation urban destination, where local culture meets global retail. The integration of these brands reflects a commitment to delivering a differentiated shopping and dining experience tailored to the expectations of Jeddah's dynamic consumer base.
'Partnering with Apparel Group, one of the region's most influential retail forces, elevates Souq7's experience and offering, as we continue our journey to shape a destination where cultural relevance, community connection, and curated experiences come together.' said Ayman Al Burti, CEO of Azad Properties.
This agreement builds on Azad Properties' strategic growth agenda and underscores Apparel Group's confidence in Souq7's unique offering and long-term potential as a cornerstone in Jeddah's evolving retail landscape.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
17 minutes ago
- The National
Parkin to introduce nearly 30,000 new paid parking spaces in Dubai communities
Dubai's public parking operator is to roll out 29,600 new paid parking spaces in a number of communities thanks to a partnership with one of the emirate's leading investment companies. In a major expansion of its network, Parkin has joined forces with Dubai Holding, a government-owned conglomerate that includes major real estate developers Nakheel, Meydan and Dubai Properties in its portfolio. Under the partnership, Parkin will manage parking operations – including enforcement action – in a number of designated areas. Parkin said there would be a phased introduction of the scheme. It does not give a specific start date for the initiative but stated that it would have 'a moderate impact on operational income from mid-Q3 2025'. Parkin did not reveal the residential communities where paid parking operations would be activated. The National has contacted the company for further comment. Dubai Holdings has delivered more than 106,000 residential units and land plots in busy areas such as Palm Jumeirah and Jumeirah Beach Residence (JBR). Parkin said the new paid parking zones were being introduced in response to increasing pressure on parking availability. The partnership aims to improve traffic flow, reduce congestion and enhance the day-to-day mobility experience for residents and visitors, the parking operator added. The agreement will more than double the number of paid parking spaces in privately developed communities operated by Parkin, reaching about 50,400. 'This strategic partnership with Dubai Holding strengthens our presence in the private developer parking segment, enabling us to extend our market-leading parking solutions across key communities in the emirate, while delivering integrated urban mobility experiences that enhance our customers' quality of life,' said Mohamed Abdulla Al Ali chief executive of Parkin. 'The operational roll-out will proceed in phases, fully aligned with Parkin's rigorous operational standards and commitment to improving efficiency and day-to-day convenience. 'This collaboration represents a key milestone in Parkin's expansion strategy and underscores our dedication to continue developing efficient, sustainable and resident-centric infrastructure in support of Dubai's continuing expansion.' What is Parkin? Parkin was set up in January 2024 by the Dubai government to manage the emirate's parking infrastructure. Parkin manages more than 200,000 paid parking spaces across Dubai, including public parking and public multistorey car parks, as well as some privately owned parking spaces under long-term contracts. In April, Parkin set out new variable fees for parking in Dubai, including peak pricing for six of the 14 chargeable hours each day, from 8am to 10am and 4pm to 8pm. Sundays and public holidays are excluded. The company's other revenue streams include the enforcement and issuance of seasonal permits, parking reservations and other commercial activities. Its revenue jumped by nearly a third in February because of a major increase in the number of fines issued in the final three months of 2024. Parkin said it imposed about 509,000 fines in the final quarter of 2024, up 60 per cent on the 317,400 fines handed out in the last three months of 2023. The amount levied in fines rose to Dh77 million in the final quarter of 2024, up from Dh44.8 million in the last three months in 2023. The increase was partly the result of 'technology-based improvements to our enforcement framework', the company said. A vital aspect of this are the smart scan inspection cars run by Parkin, which operates more than 90 per cent of Dubai's on and off-street paid parking, in public areas and in car parks owned by developers. Parkin is to also manage about 2,100 parking spaces across 59 sites at Dubai's mosques, it was announced last week. One hour of parking during prayer time will be free of charge, Dubai Media Office reported. 'Operational roll-out is targeted to commence in August 2025,' the media office said on X.
Arabian Business
an hour ago
- Arabian Business
Abu Dhabi's IHC posts record H1 profit of AED 10.8bn as real estate leads growth
International Holding Company (IHC) posted AED 10.8 billion net profit for the first half of 2025, supported by strong performance in key sectors including real estate, marine, hospitality, and financial services. The group also reported a 31.1 per cent year-on-year increase in revenue to AED 54.7 billion during the six-month period, reflecting the group's enhanced operating leverage and execution of its strategic investment agenda. 'Our H1 2025 results reflect the continued strength of IHC's diversified model and the disciplined execution of our strategic investment agenda. By delivering outstanding portfolio performance and enhancing operating leverage, we are unlocking value across sectors while deepening our impact across regional and international markets,' said Syed Basar Shueb, CEO of IHC. Second-quarter performance was particularly strong, with revenue rising 22.5 per cent year-on-year to AED 27.5 billion and net profit jumping 55.3 per cent to AED 6.7 billion, marking one of the group's strongest quarters to date. The real estate and construction segment was the top contributor, generating AED 22.6 billion in revenue, up 47.8 per cent year-on-year, and accounting for 41.4 per cent of total revenue. Marine and dredging revenue rose 10.8 per cent to AED 14.1 billion, while hospitality and leisure saw a 72 per cent jump to AED 4.9 billion. Financial services revenue increased by 21.4 per cent to AED 1.8 billion, and energy rose 161.3 per cent year-on-year to AED 0.4 billion. Earnings per share climbed to AED 2.49 and return on equity stood at 10.8 per cent. Total assets reached AED 436.9 billion as of 30 June 2025, up from AED 401.8 billion at the end of 2024. 'As we shape the industries of tomorrow, we continue to connect innovative businesses with long-term capital and operational excellence, ensuring that our platform remains built for scalable and sustainable global relevance. IHC remains committed to being a catalyst for economic transformation and delivering enduring value to our shareholders and stakeholders,' Shueb added. IHC launched several major initiatives in H1 2025: RIQ: A next-generation reinsurance platform developed with BlackRock and Lunate, based in ADGM and backed by over USD 1 billion in equity. Gridora: A national infrastructure platform formed with ADQ and Modon to drive large-scale project delivery. Dirham-Backed Stablecoin: A digital payments initiative launched with ADQ and First Abu Dhabi Bank (FAB). World Economic Forum: IHC led a major delegation to Davos 2025, engaging in global dialogue and forging new partnerships. IHC expands globally with strategic acquisitions The company also expanded its global footprint: Multiply Group acquired a 67.91 per cent stake in European fashion retailer Tendam. IHC acquired a 69.33 per cent stake in Reem Finance, bolstering its financial services vertical. eFunder was rebranded as Zelo, a UAE-focused SME invoice financing platform. Modon Holding entered the UK real estate market through a joint venture in 2 Finsbury Avenue. Al Ain Farms acquired Al Jazira Poultry Farm for AED 255 million. Aldar expanded logistics operations via the acquisition of ALMARKAZ assets from Waha Capital for AED 530 million. NMDC Group acquired 70 per cent of oilfield services firm Emdad, diversifying into OPEX-based revenues. Esyasoft acquired UK-based Good Energy for AED 453 million, strengthening its renewable and EV tech position. PureHealth completed a USD 2.3 billion deal to acquire a 60 per cent stake in Hellenic Healthcare Group in Greece. The group aims to continue deploying capital through long-term strategic partnerships and scale its operations across priority sectors.
The National
an hour ago
- The National
When is the next public holiday in the UAE?
While the Eid Al Adha and Eid Al Fitr breaks are now behind us there are still more public holidays coming up before the end of the calendar year. The next holiday is the Prophet Mohammed's birthday, which is expected to be marked in the UAE on Thursday, September 4. The Prophet Mohammed's birthday is usually celebrated as a holiday for both the public and private sectors. While no official announcement has yet been made, this year is expected to be no different. However, that is not the end of 2025 public holidays in the UAE. Commemoration Day is on Monday, December 1, while National Day celebrations are set for Tuesday, December 2, and Wednesday, December 3. National Day, also known as Eid Al Etihad, marks the anniversary of the founding of the UAE on December 2, 1971, when six of today's seven emirates united to form one country. Ras Al Khaimah joined in February 1972. There will be festivities held across the nation from cultural celebrations and concerts to spectacular parades and fireworks. Malls across the nation will be decked out in National Day colours and themes, with discounts on offer to mark the occasion. Under a UAE Cabinet resolution, every year the public and private sectors receive two days off to mark National Day.
