Latest news with #economicDiversification
Bloomberg
2 days ago
- Business
- Bloomberg
Saudi Arabia's Wealth Fund Is Said to Explore Tech Unit's IPO
Saudi Arabia's Public Investment Fund is exploring an initial public offering of a wholly-owned technology firm, according to people familiar with the matter, as the kingdom steps up efforts to raise cash for its economic diversification drive. Banks have been invited to pitch for roles on a potential share sale of Saudi Information Technology Co., or SITE, the people said, asking not to be named discussing private information. The deliberations are at an early stage and details such as the size and timing of the offer are still under discussion, the people said.
Gulf Business
2 days ago
- Business
- Gulf Business
Muriya's CEO shares how the company is enabling integrated living in Oman
Image: Supplied Ahead of its participation at OREX 2025 in Oman, Engineer Wael Al-Lawati, CEO of Muriya is a joint venture where Orascom Development Holding (ODH) and Oman Tourism Development Company (OMRAN) are partners. Orascom Development Holding, a leading developer of integrated communities, holds a 70 per cent stake, while OMRAN, the government's tourism development arm, holds 30 per cent. Muriya focuses on developing Integrated Tourism Complexes (ITCs) in Oman, highlighting the Sultanate's history, heritage, and natural beauty In this interview with Gulf Business , Al-Lawati shares milestones, investment trends, and how Muriya is aligning with Oman Vision 2040. Tell us about your participation at OREX 2025. Muriya's presence at OREX was a reaffirmation of our commitment to Oman's Vision 2040 and our pivotal role in shaping the country's tourism and real estate sectors. This year, we showcased Hawana Salalah and Jebel Sifah — model destinations that exemplify sustainable, integrated waterfront living. These developments fuse luxury, lifestyle, and Oman's natural and cultural richness, demonstrating how tourism and real estate can drive economic diversification and long-term national value. Our participation also complements key government initiatives to position Oman as a global tourism and investment hub. How do Jebel Sifah and Hawana Salalah align with Oman Vision 2040 and its economic diversification goals? At Muriya, our integrated destinations are built in harmony with Oman Vision 2040. They contribute to economic diversification by generating employment, encouraging foreign investment, and promoting year-round tourism. With over $750m invested by Orascom Development and Omran, we've enhanced tourism infrastructure and international appeal. Events like IRONMAN 70.3 Salalah, SOCCA, and global fishing tournaments have made our destinations internationally recognisable, attracting athletes and tourists from over 50 countries. What are the latest milestones or upcoming phases for Jebel Sifah and Hawana Salalah? Our destinations are in constant evolution. At Jebel Sifah, we recently launched Al Raya Villas — a wellness-focused, golf-facing community with private gardens, mountain views, and access to fitness amenities. The development also boasts Muscat's first ocean-facing PGA Harradine nine-hole golf course, an 84-berth marina, alfresco dining, and boutique hotels. Meanwhile, Hawana Salalah remains Oman's largest integrated tourism complex with more than 1,200 luxury hotel rooms, a 170-berth marina, Hawana Aqua Park, and four residential districts. We're expanding with new waterfront properties, lifestyle offerings, and high-end hospitality. What differentiates Muriya's developments from other resort or lifestyle communities in Oman and the wider region? We don't just build properties — we create destinations. Hawana Salalah and Jebel Sifah offer a blend of upscale living, leisure, and cultural authenticity. Spanning 13.6 million square metres, Hawana Salalah features luxury hotel brands, Oman's first aqua park, and all waterfront properties with scenic views. Our developments offer hotel-branded residences, marinas, golf courses, and global events that position them as top-of-mind for visitors and residents seeking unmatched lifestyle experiences in How has your partnership with Omran supported Muriya's growth and ability to navigate Oman's regulatory environment? Our joint venture with Omran has been foundational. This public-private partnership merges Orascom's global development expertise with Omran's local knowledge. Together, we've invested over $750mn, created thousands of jobs, supported SMEs, and delivered two of Oman's most admired communities. It's a partnership built on trust, alignment with national goals, and a shared commitment to sustainable development. What trends are you seeing in foreign investment and tourism, and how is Muriya adapting its strategy to attract international interest? Oman is increasingly viewed as a stable, naturally rich destination offering long-term value. International buyers are drawn to the lifestyle, investment potential, and serenity of our destinations. We're adapting with a diversified property portfolio — from hotel-branded residences to standalone villas — while ensuring ease of ownership. Our in-house service division, Wateera, provides property management and rental solutions for global homeowners, creating a seamless experience from purchase to stay. What's next for Muriya? Are there plans to expand beyond current destinations or tap into emerging segments? As Oman advances its Vision 2040 agenda, Muriya will remain a key contributor. Our focus is on deepening the value of Jebel Sifah and Hawana Salalah while exploring new lifestyle segments like wellness retreats and digital nomad-friendly communities. We aim to pioneer sustainable living concepts, host world-class events, and continue attracting global visitors — all while honouring Oman's cultural and environmental heritage. Our destinations will evolve into future-ready lifestyle hubs that serve generations to come.
Zawya
4 days ago
- Business
- Zawya
Qatar: Milaha and Fincantieri sign deal to advance maritime co-operation and technology integration
Qatar - The signing of the MoU represents a significant advancement in Milaha's mission to redefine logistics and naval support capabilities in the region while contributing to the economic diversification goals outlined in Qatar National Vision 2030. Milaha, the leading provider of maritime and logistics solutions in the region, has signed a strategic memorandum of understanding (MoU) with Fincantieri, one of the world's largest high-complexity shipbuilding groups, for cooperation in areas such as marine services, project management, and technology integration. Both parties have expressed a shared intent to explore further opportunities that support Qatar's national development objectives, particularly in enhancing sovereign capabilities within the maritime sector. The signing of this MoU represents a significant advancement in Milaha's mission to redefine logistics and naval support capabilities in the region while contributing to the economic diversification goals outlined in Qatar National Vision 2030. Attending the signing ceremony in Doha on behalf of Fincantieri was Pierroberto Folgiero, its chief executive officer and managing director, and Dario Deste, general manager of the Naval Vessels Division. Representing Milaha were Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani, chairman, and Fahad Saad al-Qahtani, Group chief executive officer. 'The signing of this MoU represents a significant step for Milaha in advancing its strategic objectives as a Qatari company aligned with national priorities," said Fahad Saad al-Qahtani, Milaha Group chief executive officer. Collaborating with a global leader such as Fincantieri provides access to advanced international expertise while supporting the development of sustainable capabilities within Qatar, he said, adding this partnership will facilitate localisation, promote industrial autonomy, and enable effective knowledge transfer, in line with the goals of Qatar National Vision 2030. "Through this agreement, Milaha reaffirms its role as a key contributor to national development and a reliable partner in supporting the country's long-term maritime ambitions,' according to him. Folgiero said the agreement marks a further step in the consolidation of Fincantieri's presence in a region of strategic importance for the development of advanced shipbuilding and maritime services. "Qatar is a key partner with whom we have built a long-standing relationship. Our collaboration with Milaha reflects our shared ambition to move forward on this path, leveraging our industrial and technological expertise to support the country's maritime sovereignty and contribute to the goals outlined in Qatar Vision 2030," he added. For Fincantieri, this agreement strengthens its position as an industrial partner, supporting Qatar's ambition to build a high-value and self-sufficient maritime sector. Together, both companies are ideally positioned to contribute to the development of an integrated, competitive, and future-ready maritime ecosystem in the country. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Zawya
5 days ago
- Business
- Zawya
Algeria gets $3bln IDB funding for projects
The Islamic Development Bank (IsDB) has allocated a $3 billion funding facility for Algeria to support its economic diversification plans and infrastructure projects. IDB Chairman Muhammad Al-Jasser said the facility is not a loan but a financing mechanism, which will be available for the North African Arab nation during 2025-2027. 'This is not a foreign loan but a new chapter of cooperation between the two sides,' Al-Jasser told local reporters in the capital Algiers on Thursday. 'I have never mentioned lending…it is a cooperation framework involving a facility of $3 billion for three years in case Algeria decides to benefit from it….if not, then the funds will remain in the Bank,' he added. Al-Jasser, quoted by Elkhabar newspaper and other Algerian outlets on Friday, said he was reacting to reports that Algeria has decided to borrow from the Jeddah-based IsDB. 'What has been said is wrong…there is misunderstanding in this respect…it is just a cooperation framework,' he said, in response to comments by Algerian officials that the country does not intend to borrow from abroad. Algerian officials said last week that the deal with IsDB would be used to fund competitive sectors, economic diversification programmes and infrastructure projects as well as support the private sector to play a bigger role in the domestic economy. Algeria rarely resorts to foreign borrowing to finance fiscal imbalances and local projects, opting instead to domestic banks. The OPEC producer is also planning to issue its first sovereign Islamic bonds (sukuk) in June to cover the budget deficit and fund infrastructure projects. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Arabian Business
19-05-2025
- Business
- Arabian Business
Abu Dhabi Industrial Strategy sees sector GDP pass $30bn
The Abu Dhabi Industrial Strategy (ADIS) is supercharging the manufacturing sector and accelerating the economic diversification in the emirate. Since ADIS's launch in June 2022, the industrial GDP in Abu Dhabi grew 23 per cent from AED90.8bn ($24.7bn) in 2022 to AED111.6bn ($30.4bn) in 2024. At the same time, the number of industrial enterprises increased 19.4 per cent from 925 to 1,104, said Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED). Abu Dhabi industrial strategy Participating in a panel discussion on the opening day of the 4th session of 'Make it in the Emirates', Al Zaabi highlighted the initiatives and programmes of the UAE and Abu Dhabi aimed at fostering an investment climate that accelerates industrial growth and unlocks long-term economic resilience. Al Zaabi said: 'The UAE has developed a robust ecosystem that attracts and empowers global talents and high-quality investments as reflected in the significant growth of FDIs in various sectors, including the industrial sector'. He added that the UAE's industrial strategy has established the right frameworks to stimulate the industrial sector with a strong focus on enhancing resilience to address emerging trends, challenges, and rapid changes through various programmes including talent development, financing, ease of doing business, supply chains, ICV, sustainability, Industry 4.0, and attraction of foreign direct investments. Al Zaabi said: 'We work closely with the Ministry of Industry and Advanced Technology (MoIAT) to contribute to 'Operation 300bn' aiming to raise the industrial sector GDP to AED300bn ($81.7bn) by 2031 and align with the UAE's Net Zero 2050 Strategy'. Al Zaabi explained that Abu Dhabi's manufacturing sector increased its contribution to 53 per cent of UAE's industrial GDP, which rose 6.6 per cent to AED210bn ($57.2bn) in 2024. This is compared to a contribution of 51.3 per cent to the country's industrial sector in 2023 and 46 per cent in 2022. He said: 'A key component of our soaring 'Falcon Economy', ADIS is strengthening Abu Dhabi's position as the region's most competitive industrial hub. It is guiding the manufacturing sector's transition to Industry 4.0 and the adoption of smart manufacturing's methods, techniques, and approaches'. Last year, Abu Dhabi's manufacturing sector remained the largest non-oil contributor to the emirate's GDP, accounting for 9.5 per cent of total GDP and 17.3 per cent of non-oil GDP. In Q1-2025, the industrial sector continued its growth with the number of new industrial licences rising 4.7 per cent t to 89 compared to 85 new licences in the corresponding period last year. Abu Dhabi's Falcon Economy is rapidly emerging as a global centre of advanced industries and technologies, building world-class hubs for finance, advanced manufacturing, AI, and New Energy. As part of its initiatives to capitalise on advanced technologies to address pressing needs and future-proof the economy, Abu Dhabi has been launching sector-specific clusters, including the: Smart and Autonomous Vehicles Industries (SAVI) AgriFood Growth and Water Abundance (AGWA)
