Latest news with #SheikhZayed
Zawya
a day ago
- Business
- Zawya
Egypt pens $20bln deal to launch Jirian City in Sheikh Zayed
Arab Finance: Egyptian Prime Minister Mostafa Madbouly witnessed the signing of a partnership and development agreement to launch the environmentally friendly city in Sheikh Zayed, Jirian City, with total cost and investment returns estimated at approximately EGP 1.5 trillion, the Egyptian cabinet announced on June 1st. Inked at the government headquarters in the New Administrative Capital, the agreement forms a strategic alliance between Future of Egypt and prominent real estate developers Palm Hills, Mountain View, and Nations of Sky. Covering an area of around 6.8 million square meters, the city includes more than 20,000 residential units, along with about one million square meters designated for administrative, commercial, and service activities. Facilities at the new city include shopping malls, international hotels, universities, a hospital, a media city, and world-class sports clubs. Significantly, water bodies will constitute approximately 20% of the city's layout, complemented by green spaces covering around 30%, ensuring environmental sustainability and a distinctive living environment. Jirian will also leverage three irrigation sources, including a branch of the Nile River extending from Rasheed and passing centrally through the city. Prime Minister Madbouly emphasized the significance of Jirian City, describing it as a qualitative leap in the future of smart, environmentally friendly cities and highlighting its role in advancing sustainable urban development. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Khaleej Times
2 days ago
- General
- Khaleej Times
Look: Trump pays tribute to Sheikh Zayed, visits 3 historic Abu Dhabi landmarks
US President Donald Trump's visit to the UAE on May 15 and 16 highlighted the strengthening of UAE-US relations and showcased the Emirates' cultural, religious, and diplomatic landmarks. Here, we trace back the strategic stops he made at two significant landmarks across Abu Dhabi. Sheikh Zayed Grand Mosque: Historic visit In an unprecedented moment for his presidency, Donald Trump toured the Sheikh Zayed Grand Mosque in Abu Dhabi on Thursday, marking a significant diplomatic gesture during his UAE state visit. The mosque, a stunning architectural masterpiece and symbol of Islamic heritage, was exclusively closed for the presidential delegation — a first in its history. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Accompanied by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Trump paid solemn tribute at the mausoleum of Sheikh Zayed bin Sultan Al Nahyan, the UAE's revered founding father. During the tour, the US President explored the mosque's magnificent halls and courtyards, receiving insights into its role fostering intercultural dialogue and understanding among diverse faiths. The Sheikh Zayed Grand Mosque stands as more than a place of worship; it embodies the UAE's commitment to tolerance, peace, and cultural coexistence. With its breathtaking white domes, intricate designs, and engineering elements showcasing traditional Arab and Islamic culture, the mosque represents the nation's dedication to preserving Islamic heritage while embracing modernisation. Qasr Al Watan: Presidential welcome President Donald Trump was welcomed at Qasr Al Watan, Abu Dhabi's majestic 'Palace of the Nation,' during his historic state visit to the UAE. The opulent presidential palace, a symbol of the UAE's rich heritage and visionary leadership, hosted an elaborate ceremony featuring a 21-gun salute, ceremonial honour guards on horseback, and traditional Emirati folk performances. Children waving American and Emirati flags lined the ceremonial route as Sheikh Mohamed bin Zayed Al Nahyan personally escorted the American president. 'Guided by the stars' exhibition Trump toured the 'Guided by the stars' exhibition, highlighting the UAE's space exploration journey and the vision of the nation's founding father, Sheikh Zayed. Beyond its role as a working presidential palace, Qasr Al Watan stands as a cultural landmark inviting the world to share in the UAE's journey, reflecting the nation's commitment to governance, knowledge, and craftsmanship while offering visitors a glimpse into the region's rich heritage and bright future. President Donald Trump concluded his historic UAE tour with a symbolic visit to the Abrahamic Family House in Abu Dhabi, a groundbreaking interfaith complex that embodies the spirit of religious tolerance and coexistence. The landmark, which houses the Eminence Ahmed El-Tayeb Mosque, St. Francis Church, and Moses Ben Maimon Synagogue under one campus, represents a physical manifestation of the Abraham Accords peace agreements that Trump's administration brokered in 2020. During his visit, the president explored the three houses of worship and the Forum, a shared space designed for dialogue, learning, and connection between diverse faith communities. The Abrahamic Family House serves as both a place for worship and a center for education, offering programs developed with scholars and interfaith leaders from around the world. As a powerful symbol of the UAE's commitment to religious freedom and mutual understanding, the complex welcomes visitors to connect, explore, and reflect on humanity's common values while celebrating the unique traditions of Judaism, Christianity, and Islam.
Arabian Post
4 days ago
- Business
- Arabian Post
Tabreed and CVC Edge Closer to $1.1 Billion Cooling Deal
Arabian Post Staff -Dubai Engie-backed National Central Cooling Company, known as Tabreed, and private equity firm CVC Capital Partners have entered exclusive negotiations to acquire PAL Cooling Holding , the district cooling arm of Abu Dhabi's Multiply Group. The transaction is expected to value the business at approximately $1.1 billion, according to individuals familiar with the matter. The joint bid by Tabreed and CVC emerged as the leading offer among several contenders, including KKR, I Squared Capital, Investcorp, and Abu Dhabi National Energy Company . Discussions have now progressed to a bilateral phase between the preferred bidders and Multiply Group, a subsidiary of International Holding Company , chaired by Sheikh Tahnoon bin Zayed Al Nahyan. ADVERTISEMENT PAL Cooling Holding operates six district cooling plants in Abu Dhabi, with a combined installed capacity of approximately 139,800 refrigeration tonnes. The company maintains long-term service agreements with prominent real estate developers such as Aldar Properties and Reem Developers, providing chilled water for air conditioning to a range of commercial and residential properties across the emirate. District cooling systems, which distribute chilled water through insulated pipes to multiple buildings, offer a more energy-efficient and environmentally friendly alternative to traditional air conditioning. These systems are particularly prevalent in the Gulf region, where summer temperatures can exceed 50 degrees Celsius, making efficient cooling solutions essential for urban infrastructure. The potential acquisition aligns with Tabreed's strategic expansion plans. The company currently operates over 80 district cooling plants across the Middle East, delivering more than 1.2 million refrigeration tonnes of cooling capacity. Tabreed's portfolio includes high-profile projects such as the Burj Khalifa, Sheikh Zayed Grand Mosque, and the Dubai Metro. CVC Capital Partners, headquartered in Luxembourg, has been actively seeking investment opportunities in the Middle East, reflecting a broader trend among international private equity firms. The region's push to diversify economies away from oil dependency has made sectors like sustainable infrastructure increasingly attractive to foreign investors. Multiply Group, the seller in this transaction, is an investment holding company with interests spanning media, utilities, and technology. The divestment of its district cooling unit is part of a strategic realignment to focus on core business areas. The company had engaged Standard Chartered Bank to explore potential buyers for PCH earlier this year. Following reports of the exclusive talks, Tabreed's shares experienced a 4.3% increase, reaching 2.68 dirhams during midday trading on the Abu Dhabi Securities Exchange. This uptick reflects investor optimism regarding the company's growth prospects and the strategic value of the potential acquisition.
Hospitality Net
4 days ago
- Business
- Hospitality Net
Accor Expands Egypt Portfolio with New Mövenpick Signing in West Cairo
Accor, a world-leading hospitality group, today announced the signing of Mövenpick Cairo West, a 220-key hotel set to rise in the heart of West Cairo. The signing marks the Group's continued expansion in Egypt and further strengthens Mövenpick's well-established presence in the country. Scheduled to open in 2028, the project - developed by Crest Development through its real estate subsidiary Living Lines - will form part of a larger mixed-use masterplan in the rapidly growing Sheikh Zayed city area, catering to the rising demand for high-quality accommodations across Greater Cairo. Strategically positioned to serve both 6th of October City and Sheikh Zayed City, Mövenpick Cairo West places guests at the doorstep of key business districts, leading educational and healthcare institutions, as well as renowned attractions such as the Grand Egyptian Museum and the Giza Pyramids, each just a 20-30-minute drive away. The property will feature 220 thoughtfully designed guest rooms and suites, two restaurants, one bar, a 500 sqm ballroom, four meeting rooms, and a full suite of wellness and leisure amenities including a spa, fitness center, and two swimming pools. Mövenpick is a brand rooted in Swiss heritage and driven by a contemporary spirit of connection. Born as a restaurant concept that revolutionized European dining with warmth and generosity, Mövenpick has evolved into one of the world's most recognized hospitality brands, with 16 properties operating across Egypt in Cairo, Aswan, Sharm El Sheikh, El Quseir, Gouna, and along the Nile. With a strong legacy in food, family, and heartfelt service, today's Mövenpick experience centers on creating meaningful reconnections - through thoughtful design, shared rituals, and moments of celebration. From Chocolate Hour to creative family programming and immersive dining concepts, the brand offers guests a touch of everyday indulgence and a vibrant sense of belonging. The addition of Mövenpick Cairo West supports Accor's strategic ambition to grow with Egypt's urban evolution while reinforcing its position in key suburban business and lifestyle hubs. Accor operates a robust portfolio of 38 hotels in Egypt across six brands (12,900 keys) and a strong pipeline of 20 additional properties (6,700 keys). Notable operating hotels in the area include Novotel Cairo 6th October and Mövenpick Cairo Media City, with the highly anticipated Sofitel Legend Pyramids Giza Hotel also in the pipeline. Hotel website
Zawya
5 days ago
- Business
- Zawya
Accor expands Egypt portfolio with new Mövenpick signing in West Cairo
Developed by Crest Development's Living Lines, the new 220-key Mövenpick Cairo West, adds to Accor's 38-hotel Egypt portfolio, and cements the group's commitment to Egypt's urban expansion and Vision 2030 Cairo, Egypt - Accor, a world-leading hospitality group, today announced the signing of Mövenpick Cairo West, a 220-key hotel set to rise in the heart of West Cairo. The signing marks the Group's continued expansion in Egypt and further strengthens Mövenpick's well-established presence in the country. Scheduled to open in 2028, the project - developed by Crest Development through its real estate subsidiary Living Lines - will form part of a larger mixed-use masterplan in the rapidly growing Sheikh Zayed city area, catering to the rising demand for high-quality accommodations across Greater Cairo. Strategically positioned to serve both 6th of October City and Sheikh Zayed City, Mövenpick Cairo West places guests at the doorstep of key business districts, leading educational and healthcare institutions, as well as renowned attractions such as the Grand Egyptian Museum and the Giza Pyramids, each just a 20–30-minute drive away. The property will feature 220 thoughtfully designed guest rooms and suites, two restaurants, one bar, a 500 sqm ballroom, four meeting rooms, and a full suite of wellness and leisure amenities including a spa, fitness center, and two swimming pools. 'Our partnership with Crest Development will welcome an exciting addition to Accor's growing portfolio in Egypt,' said Paul Stevens, Chief Operating Officer, Premium, Midscale & Economy Division, Middle East, Africa & Türkiye, at Accor. 'This signing reflects a shared ambition to deliver premium hospitality experiences in high-potential locations, fully aligned with Egypt Vision 2030 and the country's urban expansion priorities. Mövenpick Cairo West will meet the rising demand for premium stays while exemplifying sustainable design and authentic local experiences.' This signing reinforces Accor's leadership in Egypt and drives the strategy to expand across high-potential markets including Saudi Arabia, the UAE, Qatar and Kuwait as the broader region witnesses a surge in travel. 'We are proud to collaborate with Accor on this landmark development,' said Ibrahim Zidan, Founder and Chairman of Crest Development. 'With Living Lines leading the real estate vision, this partnership combines our ambition for innovative, sustainable urban development with Accor's global expertise in hospitality. Mövenpick Cairo West is set to become a cornerstone destination for both domestic and international travelers.' Mövenpick is a brand rooted in Swiss heritage and driven by a contemporary spirit of connection. Born as a restaurant concept that revolutionized European dining with warmth and generosity, Mövenpick has evolved into one of the world's most recognized hospitality brands, with 16 properties operating across Egypt in Cairo, Aswan, Sharm El Sheikh, El Quseir, Gouna, and along the Nile. With a strong legacy in food, family, and heartfelt service, today's Mövenpick experience centers on creating meaningful reconnections - through thoughtful design, shared rituals, and moments of celebration. From Chocolate Hour to creative family programming and immersive dining concepts, the brand offers guests a touch of everyday indulgence and a vibrant sense of belonging. The addition of Mövenpick Cairo West supports Accor's strategic ambition to grow with Egypt's urban evolution while reinforcing its position in key suburban business and lifestyle hubs. Accor operates a robust portfolio of 38 hotels in Egypt across six brands (12,900 keys) and a strong pipeline of 20 additional properties (6,700 keys). Notable operating hotels in the area include Novotel Cairo 6th October and Mövenpick Cairo Media City, with the highly anticipated Sofitel Legend Pyramids Giza Hotel also in the pipeline. ABOUT ACCOR Accor is a world leading hospitality group offering experiences across more than 110 countries, with 5,600 properties, 10,000 food & beverage venues, wellness facilities or flexible workspaces. The Group has one of the industry's most diverse hospitality ecosystems, encompassing more than 45 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. Accor is focused on driving positive action through business ethics, responsible tourism, environmental sustainability, community engagement, diversity, and inclusivity. Founded in 1967, Accor SA is headquartered in France and publicly listed on Euronext Paris (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information, please visit or follow us on X, Facebook, LinkedIn, Instagram and TikTok. Founded in 2020, Crest Development began as a pioneer agricultural innovation and sustainability. Today, the company is expanding into real estate through its sub-entity Living Lines, leading the development of mixed-use projects that align with Egypt's vision for modern, future-ready urban centres.
