The planned developments include 2,700 hotel rooms, 1,300 residential units and 30 commercial and entertainment attractions. SDC will build various offerings across the hospitality, residential, commercial and entertainment sectors. The venture aims to attract over 2 million visitors annually and create 8,000 direct and indirect permanent jobs by 2030.
Saudi Arabia s PIF is a seminal part of the kingdom Vision 2030 initiative, which seeks to diversify the economy, nurture local industries, create jobs and reduce the reliance on oil revenue.
Last month the fund launched a five-year strategy, with the aim of doubling its assets to $1.07 trillion and plans to invest a minimum of $40bn a year into the domestic economy until 2025 and create 1.8 million jobs. It will contribute $320bn to the kingdom s non-oil economy. The fund aims to grow assets under management to over $2tn by 2030
Tesla s rival electric vehicle manufacturer is going public through a $11.8bn merger with special purpose acquisition company Churchill Capital Corp IV
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Sheikh Ahmed Zaki Yamani, a former energy minister of Saudi Arabia who steered the kingdom s oil policies for nearly 25 years, has died in London. He was 90.
He will be buried in Makkah, where he was born. Sheikh Yamani was one of three children born to Hassan Yamani, a respected scholar of Islamic law and former grand mufti in Indonesia. His paternal ancestors came from Yemen.
“It is shocking; we still don’t believe it. It takes time,” Mai Yamani, 64, the eldest of his children, who was by his side when he died, told
The National. “Even with all the machines around him in the hospital, he was majestic.”
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Boeing said it supports the decision by Japan s civil aviation authority and the US transportation agency to suspend all wide body 777 models equipped with Pratt & Whitney 4000-112 engines after debris fell from United Airlines Flight. While the NTSB investigation is ongoing, we recommended suspending operations of the 69 in-service and 59 in-storage 777s powered by Pratt & Whitney 4000-112 engines until the Federal Aviation Administration (FAA) identifies the appropriate inspection protocol, it said in a statement late Sunday. We are working with these regulators as they take actions while these planes are on the ground and further inspections are conducted by Pratt & Whitney.