Latest news with #AmarHussain
Yahoo
6 days ago
- Yahoo
Four Hyndburn men deny supplying cocaine and heroin into East Lancs
Four Hyndburn men accused of supplying class A drugs across the region have denied the charges. Amar Hussain, 34, of Hood Street, Accrington, Mohammed Arif, 26, of Charter Street, Accrington, and Mark Birtwell, 64, of Church Lane, Clayton-le-Moors, all appeared before Burnley Crown Court, charged with supplying crack cocaine and heroin. Arif also faces charges for supplying cocaine and ketamine. All three men have pleaded not guilty to all of the offences at Burnley Crown Court, and a pre-trial review has been scheduled for November 14. The date for a trial is yet to be set, and all three men have been remanded in custody. Additionally, their co-defendant, Davis Hargreaves, 21, of Plantation Road, Accrington, has had his plea rescheduled to a further case management hearing on September 16.
Arab News
16-07-2025
- Business
- Arab News
Riyadh emerging as global super hub amid economic boom: Knight Frank
RIYADH: Saudi Arabia's capital is rapidly transforming into a leading global wealth hub, fueled by the Kingdom's successful economic diversification under Vision 2030, a recent Knight Frank report said. The Riyadh edition of the 'Emerging Wealth Hub' series noted that the Saudi capital is transitioning from an oil-dependent economy to a powerhouse for finance, culture, and lifestyle, attracting multinational corporations, investors, and expatriates. Surging demand for commercial and residential real estate, coupled with major infrastructure projects, is positioning Riyadh as a future-ready super hub. A key driver has been the Regional Headquarters Program, which has already exceeded its 2030 target, with 600 global firms, including Bechtel, PwC, and Northern Trust, setting up regional bases in Riyadh. This influx has pushed Grade-A office vacancy rates down to just 2 percent, while prime office rents have skyrocketed by 23 percent in the past year and 84 percent since 2020. The city's booming startup ecosystem, supported by government incentives, advanced digital infrastructure, and a growing talent pool, complements its rise as a financial and business epicenter. Amar Hussain, associate partner in research for the Middle East and North Africa region at Knight Frank, noted that Riyadh's strategic vision, economic growth, and commitment to sustainability 'positions it as a leading global wealth hub of the future, attracting talent, investment and tourism on an unprecedented scale.' He added: 'Its global positioning as a leisure destination will only increase further when the eyes of the world turn to the city for the 2030 World Expo and the 2034 FIFA World Cup.' According to the report, the Kingdom issued over 160,000 new business licenses in the last quarter of 2024 — a 67 percent annual increase — bringing the total number of registered businesses to 1.6 million. The national unemployment rate has fallen to a historic low of 7 percent. Partner and Head of Research for the MENA region at Knight Frank, Faisal Durrani, said: 'The private sector is booming, with new business licenses up by two-thirds in a single year and vacancy rates for grade-A offices among the lowest in the world.' Durrani added: 'This wave of entrepreneurialism is both a result of and a catalyst for Riyadh's evolving business environment, and the city's ability to attract human and financial capital is accelerating its emergence as a future-ready global wealth hub.' To accommodate future demand, Riyadh's office space is projected to nearly double from 5.5 million sq. meters to 9.8 million sq. meters by 2027, supported by government-backed infrastructure projects and growing institutional investment. In an interview with Arab News in June, Emmanuel Durou, technology, media, and telecommunications leader at Deloitte Middle East, highlighted the Kingdom's supportive business environment, which includes government incentives, substantial funding mechanisms such as venture capital and private equity, and vibrant incubator ecosystems, including Garage 46 and Impact 43. Also speaking to Arab News in June, Jasem Al-Anizy, partner in corporate finance at Addleshaw Goddard KSA, shed light on the legal structures that are proving effective in the nation. 'Saudi startups have historically preferred an offshore ring-fencing of intellectual property assets by holding and protecting intellectual property interests in a standalone sister company based in an offshore jurisdiction,' he explained to Arab News. 'This has helped startups in scaling globally and simplifies exit strategies,' Al-Anizy said. Sustainability and liveability take center stage Riyadh is integrating sustainability into its rapid expansion, with initiatives like the King Abdullah Financial District — the world's largest LEED Platinum-certified mixed-use business hub — and the Mostadam green building rating system. The Green Riyadh program, which aims to plant 7.5 million trees, is enhancing air quality and urban livability. 'Urban mobility in Riyadh is being redefined through major investments in infrastructure,' said Harmen De Jong, regional partner and head of consultancy for the MENA region at Knight Frank. Major transport upgrades, including the Riyadh Metro, the expansion of King Khalid International Airport, and the 220-km Sports Boulevard, are improving connectivity and reducing congestion. 'These transport enhancements are not only reducing congestion but also improve air quality and overall urban resilience,' De Jong said, adding: 'Combined with the rise in major multinationals opening offices in the city and high-quality residential and leisure developments, Riyadh has a uniquely compelling offer as a live, work, play destination both within the GCC (Gulf Cooperation Council) and globally.' Leisure, tourism, and global events fuel growth Riyadh is fast becoming a premier leisure destination, with Riyadh Season 2024 drawing 18 million visitors. The city's successful bids to host the 2030 World Expo and the 2034 FIFA World Cup are set to amplify its global profile, with the Expo alone expected to generate an economic impact of $94.6 billion. Tourism is booming, with Saudi Arabia surpassing its original Vision 2030 target by welcoming 106.2 million visitors in 2023. The new goal is 150 million visits by 2030, supported by visa-free entry for 66 countries and the launch of Riyadh Air. Hotel supply is expanding rapidly, with 30,000 rooms expected by 2027. Inbound tourism spending in the Kingdom surged to a record SR153.61 billion ($40.95 billion) in 2024, marking a 13.82 percent annual increase, according to data from the Saudi Central Bank. The rise also pushed the Kingdom's travel balance surplus to its highest annual level yet, SR49.78 billion, up 7.81 percent from the previous year. Residential market soars amid surging demand Riyadh's residential sector is experiencing unprecedented growth, with apartment prices increasing by 75 percent and villa costs by 40 percent since 2019. In 2024 alone, prices rose by 10.6 percent for apartments and 6.3 percent for villas, while sales volumes jumped 44 percent year-on-year. New Premium Residency Visas, linked to property ownership, are opening the market to international investors. With 305,000 new homes needed in the next decade, developers and investors have significant opportunities ahead. Knight Frank's Hussain said: 'With evolving buyer profiles, increasing international interest and sustained local demand, Riyadh's housing market is positioned for continued expansion and diversification.' He added: 'Our latest projections highlight the scale of opportunity for investors and developers in one of the region's fastest-moving residential markets.'
Zawya
25-03-2025
- Business
- Zawya
Global hospitality brands form 60% of Qatar's hotel rooms in 2024: Knight Frank
"As of the end of 2024, Qatar's total supply of quality hotel rooms stood at approximately 40,755 keys, with internationally branded properties accounting for 60% of this inventory," Knight Frank said in its latest report. Leading international hotel brands accounted for 60% of Qatar's total 40,755 hotel rooms during 2024, according to Knight Frank, a global property consultancy. "As of the end of 2024, Qatar's total supply of quality hotel rooms stood at approximately 40,755 keys, with internationally branded properties accounting for 60% of this inventory," Knight Frank said in its latest report. The global brands' growing exposure highlights the international appeal of the country, which according to the UN Tourism, has 'emerged as the dominant force' in the Middle East tourism market. The recently held 51st UN Tourism Regional Commission for the Middle East underscores Qatar's growing status as a regional and global hub in the tourism sector and its leadership role in promoting both regional and international co-operation. The total number of visitors to Qatar reached 5.08mn during 2024, reflecting a 25% increase on an annualised basis. The successful hosting of the FIFA World Cup has positioned Qatar as a key regional and global tourist destination. Highlighting that December alone witnessed as many as 594,079 visitors, marking a 14.6% year-on-year rise; Amar Hussain, Associate Partner (Research, Middle East) said, this surge underscores Qatar's growing appeal as a tourism destination, driven by enhanced infrastructure, global events, and continued investments in hospitality and leisure sectors. As a result of the increased influx of tourists, the hotel performance indicators in Qatar improved steadily in 2024, he added. The average daily rates (ADR) increased by 7.9% to QR441, while average occupancy levels rose by 19.1% to 68.8%. As a result, revenue per available room (RevPAR) shot up 28.5% to QR304. On retail sector, Knight Frank report said luxury and experience-driven retail continue to dominate, with high-end malls maintaining high occupancy levels despite some downward rent adjustments. Secondary malls are facing challenges, as newer lifestyle destinations like Lusail Boulevard and The Pearl attract more tenants. E-commerce growth is also reshaping retail strategies, with Qatar's online sales surpassing QR4.1bn in December 2024, marking an annual 32.2% increase, highlighting the emerging challenge for bricks and mortar stores. Qatar's retail market, otherwise, experienced a 1.5% decline in average annual lease rates, bringing the average rate to QR204 per sq m per month. "This reflects ongoing adjustments in rental pricing mainly due to increased supply," thecreport said. Lifestyle retail developments in prime locations command the highest rents at QR243 per sq m per month, driven by strong demand for premium brands and high consumer footfall. While, lifestyle retail food and beverage follows closely at QR242 per sq m per month, highlighting the steady demand for experiential dining and entertainment-driven retail, the report said. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Santhosh V. Perumal
