Riyadh: Expanding the portfolio of Saudi Arabia’s megaprojects means that the commercial opportunities offered are “more spectacular than anywhere else in the world,” according to the CEO, one of the kingdom’s major developments. I will.
At the Virtual GCC-UK Trade Summit 2021 on Tuesday, in a session hosted by Arab News senior business columnist Frank Kane, CEO Jerry Inselillo of the Dilliagate Development Agency said tourists to Petra and Alexandra in Jordan. I pointed out before gathering. In Egypt, they will soon come to Riyadh to see a world-class destination rich in history, culture, nature and art.
Diriyah Gate is a $ 40 billion development project that participates in Saudi Arabia’s megaprojects, including futuristic NEOM, historic AlUla, entertainment-focused Qiddiya, and the environmentally friendly Red Sea project.
Ad Diriyah, a new global landmark, was where the first Kingdom of Saudi Arabia was located in the 18th century. Construction of the Dill Ear Gate began in July 2020. It is a 15-minute drive northwest of Riyadh and features Formula E Racecourse and a 15,000-seat arena.
“We are super-accelerating all our tourism infrastructure, so we offer a very qualitative experience so that people can roam and enjoy the area,” added Inzerillo.
At the same event, Aradana Kowara, chair of the Red Sea Development Co., Ltd.’s Global Advisory Board, said the Red Sea project’s uniqueness is its coral reefs and renewable energy programs.
“As we’re talking about, the Red Sea project and the company are developing perhaps the world’s largest battery storage facility ahead of Tesla,” she said.
The Red Sea project was announced by Crown Prince Mohammed bin Salman in July 2017. Completely completed in 2030, the project will consist of 50 hotels offering up to 8,000 rooms and 1,300 homes on 22 islands and 6 inland sites.
Khowala also noted that the project would be completed on time, despite the pandemic effects of coronavirus disease (COVID-19). By the end of 2022, we are ready to accept our first guest, “she said.
Khowala added that advances such as the Red Sea project are evidence of a rewarded young population in the Kingdom for Vision 2030 goals. “What I find most appealing is that 89 percent of young Saudis believe the country is heading in the right direction,” she added.
In a session on the growth outlook for UK GCC investors, experts said Brexit and the UK’s response to the COVID-19 crisis are in the financial technology (fintech), decarbonization, life sciences and infrastructure sectors.
Brexit actually boosted investment opportunities, as panelists are no longer subject to the bureaucratic formalism that accompanies Britain’s membership in the economy, allowing Britain to make faster decisions. I agreed.
Matthew Hahn, Executive Director and Chief Financial Officer of Destructive Investment at Abu Dhabi’s Mamoura Investment Company, said: Whether Brexit was a good idea or a bad idea, its uncertainty was not a good environment for potential investors. So the economic situation you are playing is very clear, as that overhang is gone. “
Hahn said Britain’s world-class academia, which has made the most innovative advances in life sciences, is a fascinating proposal. “When we start looking at drug discovery, drug development, medtech, and digital health, they are very capital-intensive and intellectual property-intensive businesses that actually need growth capital, which is a huge opportunity. I think there is, “he said.
FinTech is also important because London is “arguably the capital of FinTech in the world,” he said.
Professor John Bryson of the University of Birmingham said the UK is now able to develop its own strategies, offering significant benefits to GCC investors looking for opportunities.
“Of course, in the post-Brexit environment, decisions can be made quickly, of course, so no matter which government is in power, there is no restriction that the European Commission needs to get permission.” Bryson said. Gavin Holland, a partner of Antemis Group, a global fintech-focused venture capital fund with about 10 investors from GCC countries, has never been asked about Brexit in the last 12 months and is an investor. Said that trust goes from there.
He created a great opportunity for the COVID-19 crisis to accelerate digital transformation across several industries, accelerating companies and investors to build new business models, which could otherwise take decades. Said that.
As GCC has experienced periods of rapid growth and economic diversification, it has witnessed a corresponding rise in trade and economic relations with the United Kingdom. This is evidenced by the fact that the Gulf region accounts for $ 50.8 billion of an estimated $ 57.2 billion in annual trade between the United Kingdom and the Middle East.
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