Saudi Arabia is planning to award a total of 15 billion Saudi riyals ($4bn) worth of contracts for various infrastructure and utilities projects within its Red Sea mega-development as its seeks to grow its nascent tourism sector.
The Red Sea Development Company (TRSDC) —the project developer backed by the kingdom's sovereign wealth fund, the Public Investment Fund—will award contracts for an airport terminal, airport operator, and a public-private partnership (PPP) utilities package, according to a statement on its website. The utilities project will secure 100 per cent renewable energy generation, water desalination, waste treatment and district cooling.
"All of our world-class partners are carefully selected and are truly aligned to our sustainability and business principles," John Pagano, TRSDC's chief executive, said. "Taking just a sustainable approach isn’t enough. We want to enhance the destination for generations to come."
Saudi Arabia plans to develop more than 50 islands off its Red Sea coast, offering a tourism and nature reserve spread over 28,000 square kilometres. The leisure development is part of the kingdom's efforts to develop its nascent tourism sector, a key pillar in Crown Prince Mohammed bin Salman’s plan to diversify the economy and reduce its reliance on oil.
"TRSDC is a contributing factor to the growth of the Saudi Arabian economy and is playing a pivotal role in its Vision 2030 plan," Mr Pagano said.
The TRSDC has already awarded more than 500 contracts totaling about $2bn to international and local firms to date.
Work is on track to welcome the first guests by the end of 2022, when the international airport and the first four hotels will open. The remaining 12 hotels scheduled for completion during the first phase of the project will open in 2023, delivering a total of 3,000 rooms across five islands and two inland resorts.
The Red Sea Development Company is planning to close a $3.7bn loan from five local banks by the end of 2020 as it ramps up construction on the project, Mr Pagano told Bloomberg on Sunday.
When the entire development is completed in 2030, TRSDC will target 1 million visitors a year, split evenly between domestic and international, Mr Pagano said.
Work on the destination’s transport links is currently "well underway", including developing 80km of roads, highways and junctions and the new international airport, according to the TRSDC's website.
In July this year, the company signed its largest contract to date for airside infrastructure works for the international airport, set to open in 2022. The contract was awarded as a joint venture to Saudi contractors Nesma & Partners Contracting Co. and Almabani General Contractors.
The tourism sector currently accounts for 3.4 per cent of Saudi Arabia's economic output which indicates it “is under-represented in the kingdom", Mr Pagano said during the Future Hospitality Summit held online from Riyadh last week. Saudi Arabia wants the sector to account for more than 10 per cent of its gross domestic product by 2030.
The entire Red Sea destination is on track to be completed by 2030 when 22 islands and six inland sites will be developed, Mr Pagano said. There will be a total of 48 hotels but the developer has pledged to limit guest numbers in order to avoid over-tourism and a strain on the environment.
Looking to protect critical habitats in the Red Sea, 5,700 square kilometres of the surrounding waters have been preserved, the largest conservation zone at sea in the Middle East, Mr Pagano said at the online summit.
The entire reserve will be powered by renewable energy and aim to sequester carbon both through nature-based methods and technology.
Other projects that are under construction in the kingdom include the $500bn futuristic Neom mega economic zone, which borders the Red Sea project and extends into Egypt and Jordan, and the Qiddiya entertainment project near Riyadh.
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
MATCH INFO
Manchester United v Brighton, Sunday, 6pm UAE
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
more from Janine di Giovanni
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Company%20profile
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Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm
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