Saudi Arabia’s Public Investment Fund, the country’s sovereign wealth fund, will lead investment in a project to redevelop Jeddah’s waterfront corniche into a mixed-use area at a price tag of 18 billion Saudi riyals (Dh17.62bn).
The New Jeddah Downtown, which will be developed over 10 years, will help to create 36,000 jobs as part of kingdom’s Vision 2030 aimed at weaning the country off oil income by creating new revenue streams, the state-run Saudi Press Agency reported.
“The project is in line with Vision 2030 objectives to develop tourism sites in accordance with the highest international standards and provide investment opportunities that contribute to the development of the private sector,” the agency said.
Construction on the project will start in 2019 with a view to completing the first phase in the fourth quarter of 2022. The agency did not say how many phases the project will have.
The project will stretch over a 5 million square metre area and will be divided into six main sections that include homes, offices, retail outlets, hotels, museums, a yacht pier and cultural and social facilities.
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Read more:
Saudi Arabia to set up 10bn riyal entertainment investment firm
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The development will deliver over 12,000 housing units to accommodate 58,000 new residents. Around 42 per cent of the new development will be residential, 35 per cent dedicated to entertainment and retail areas, 12 per cent to office space, and 11 per cent to new hotel and hospitality facilities
Earlier this month the fund announced plans to set up a 10bn riyal entertainment investment company that will pour funds into several projects, including an entertainment complex that will be launched in 2019, the fund said, without providing further details.
The new company will seek partnerships and help expand the scope and variety of entertainment offerings, the fund added. The venture is targeting more than 50 million visitors per year and earmarked to create more than 22,000 jobs, contributing 8bn riyals to the kingdom’s GDP by the end of 2030.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
INDIA SQUAD
Virat Kohli (capt), Rohit Sharma, Shikhar Dhawan, KL Rahul, Vijay Shankar, MS Dhoni (wk), Kedar Jadhav, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Ravindra Jadeja, Mohammed Shami
More from Neighbourhood Watch:
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
