Saudi and Poland to launch $2bn JV in 1Q2013
A new US$2bn holding company due to be set up next year is aiming to generate revenues of US$30bn over its first few years by establishing joint venture projects between Saudi Arabia and Poland, it was reported on Tuesday.
The Saudi-Polish firm will be set up in the first quarter of 2013 and will have a bank of capital worth US$2bn over the first five years, according to reports in the Saudi press.
Yasir Al Harbi, board chairman of the Saudi-Polish Business Council (SPBC), told Al Sharq Al Awsat newspaper the firm will use Polish technology to develop investment projects and is aiming to generate around US$30bn in revenue in the first few years.
The SPBC said the firm is also set to invest in Polish real estate, and is currently in talks to conclude a deal to invest in technology free zones in the Polish cities of Elk and Olsztyn.
Qatar eyes stake in seven Europe banks
DOHA QATAR is considering acquiring significant stake in a number of European investment banks reeling under the impact of economic recession and negotiations are already underway with seven such banks, a leading Arabic news channel has reported.
“Qatari delegations are leading broad negotiations to widen their investment portfolio in Luxembourg, in order to diversify their income generating investments,” Saudi Arabia owned Al Arabiya reported on Wednesday.
Facing economic recession, Europe is looking to attract foreign investors and Qatar is one of the countries that can benefit from these opportunities, the report quoted Basheer al Kahlout, leading economist from the region, saying.
He further said that widening the foreign investments of Qatar Investment Authority (QIA) is part of Qatar’s strategy to diversify its sources of income, away from gas and fuel sectors, which contribute 55 percent of gross domestic product (GDP).
Qatar Holding invested its budget surplus, estimated at $16.5 billion annually (QR60 billion) in the past two years in lucrative foreign projects, a record for the investments in Europe.
Qatar invested in the Paris St Germain soccer and handball club, French oil major Total and Shell. It also invested $5 billion in the Chinese stock market, bought the building which hosts Le Figaro Magazine in Paris, besides 6 percent of Spain’s Iberdrola. It also bought Harrods in London for $2.2 billion in 2010, in addition to financing 95 percent of The Shard tower in London, the highest skyscraper in Europe.
These investments contributed to transforming Qatar, a country with a population of 1.9 million people and a per capita income over $100,000, into an important player at the economic and social levels working hard to improve the social responsibility of independent funds towards the recipient countries. It is likely that these investments will contribute to creating future jobs in recipient countries and boost the foreign currency reserves of these countries.
Dubai Celebrates Middle East's Strongest e-commerce Leadership Position
2 November 2012
Dubai: Just 12 months after launching, www.mumzworld.com, the Middle East's largest bilingual online marketplace for everything mother, baby and child, has established itself as an undisputed e-commerce leader in the region. With over 1.2 million unique visitors
MENA Private Equity Association Releases 3rd VC Report: 2013 Update & 2012 Year in Review
The MENA Private Equity Association recently released its third yearly report, “3rd Venture Capital in the Middle East & North Africa Report: 2013 Update & 2012 Year in review”. In it we identify the key challenges of the startup landscape, the size and growth of the VC investment landscape, as well as the impact of the industry on the job market and overall welfare of the economy
Riyadh to get $267m aviation academy
An aviation academy is to be set up in Riyadh at a cost of SR1bil ($267m), it was reported.
The Riyadh-based Infinity Support Services and Flight Safety International Company signed an agreement for the construction of the academy on Monday, according to a report by Arab News
SMEs positive on UAE trade
The UAE’s small and medium sized enterprises are the second most positive businesses in the world about trade, according to HSBC’s latest Trade Confidence Index (TCI).
Dubai launches international design trade fair
Dubai is the best networked city in the Middle East, according to a new index released by global technology giant Ericsson.
Technology apps to help Asia lifestyles
Poor infrastructure, healthy eating, and blood donation are among the topics tackled by a new wave of apps unveiled at the recent Apps for Asia – Redesigning Development programme in Uttar Pradesh
Dubai's Latest Mega-Projects
Plans were announced on July 5th to build the Mall of the World, a mixed-use complex incorporating the world's largest shopping mall, to be built in the heart of Dubai