Abu Dhabi's Aldar Properties Buys London Square for $291 Mln

FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
TT

Abu Dhabi's Aldar Properties Buys London Square for $291 Mln

FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo
FILE PHOTO: A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. REUTERS/Hollie Adams/File Photo

Abu Dhabi's Aldar Properties has bought London-based developer London Square for an enterprise value of 1.07 billion dirhams ($291 million) in its first acquisition outside the Middle East.
"Aldar intends to leverage its expertise and balance sheet to support London Square's land acquisition strategy to enable it to develop larger and prime central London sites," the two companies said in a joint statement on Friday.
The companies said the transaction should also have a positive impact on sales, given the opportunities to cross-sell across their respective customer base.
Aldar is 25%-owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company and 26%-owned by International Holding Company.

Established in 2010, London Square is widely known for its Nine Elms development, located in proximity to the Battersea Power Station.
The development features over 750 luxury homes, affordable housing and 21,500 square feet of commercial and retail space.



Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia


A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
TT

Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia


A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.